Tuesday , September 25 2018

India considering 50% Iran oil cut to win US waiver

Bloomberg

India, the second biggest crude customer for Iran, may cut its imports from the Islamic republic by half to secure a waiver from the US to continue with shipments, people familiar with the matter said.
Officials from the US had discussed the issue of a conditional waiver on sanctions in talks last month in New Delhi, the people said. India has expressed its inability to scrap oil imports from Iran completely as its supplies are being offered at competitive rates, the people said. New Delhi expects a response as early as next month when talks resume.
President Donald Trump’s administration has been forced to reconsider its plan to choke off all of Iran’s oil exports after countries including China and India — which together comprise about half of Iran’s oil exports — expressed their inability to halt shipments. Washington is now said to project a 50 percent cut in exports when it reimposes energy sanctions in early November.
After initial success in persuading allies Japan and South Korea, US is finding it tough to convince even European Union nations.

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