Equity indices trade higher, banks and financials lead sanantoniopost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sanantoniopost.com Daily Mail and Mail on Sunday newspapers.
Indian, European refiners get ready to buy Iranian oil
Reuters
|
Updated on
Cos upbeat about lifting of sanctions by US later this year
New Delhi/London, May 19 Indian refiners and at least one European refiner are re-evaluating their çrude purchases to make room for Iranian oil in the second half of this year, anticipating that U.S. sanctions will be lifted,company officials and trading sources said.
Former U.S. President Trump abandoned the 2015 Iran nuclear deal and reimposed sanctions on Tehran in late 2018. Until then, Europe and Turkey had brought close to 500,000 barrels per day (bpd) of Iranian oil. India, Iran s biggest client after China, was buying as much as 480,000 bpd in the fiscal year beginning April 2018.
Indian refiners set to curb spot buying to make room for Iranian oil
Indian refiners, anticipating a lifting of U.S. sanctions, plan to make space for the resumption of Iranian imports by reducing spot crude oil purchases in the second half of the year, company officials told Reuters.
The world’s third largest oil consumer and importer halted imports from Tehran in 2019 after former U.S. President Donald Trump withdrew from a 2015 accord and re-imposed sanctions on the OPEC producer over its disputed nuclear programme.
U.S. President Joe Biden’s administration and Iran have been involved in indirect talks to revive the pact for Tehran to curb its nuclear activities in exchange for a lifting of sanctions.
India s refiners prepare for lifting of US sanctions on Iran s oil
RT.com
20 May 2021, 18:13 GMT+10
Major Indian state-held refiners plan to cut back on spot crude purchases later this year, expecting that the US sanctions on Iran s oil could be lifted by the end of 2021.
India s refiners halted imports from Iran several months after the previous US Administration slapped sanctions on the Islamic Republic s oil industry and withdrew from the so-called nuclear deal in 2018.
The Biden Administration has been indirectly talking to Iran for a few weeks in Vienna in rounds of talks with the remaining partners of the nuclear agreement, to see if the US and Iran could reach an agreement on returning to the deal.