Published: Fri, November 02, 2018
Global Media | By Jackie Banks

India Gets US Waiver From Iran Sanctions Along With 8 Others

India Gets US Waiver From Iran Sanctions Along With 8 Others

Bloomberg reported that close USA allies South Korea and Japan had received waivers along with India, which relies heavily on supplies from Iran.

US President Donald Trump announced in May America's withdrawal from the Iran nuclear deal, warning that any countries or companies that conduct transactions with Tehran could face secondary sanctions.

India has held several rounds of conversations with the US, Iran and and other stakeholders on the issue.

The waivers are being granted for continued import cuts, so that oil prices do not shoot up, the official added.

"The United States is in the midst of an internal process to consider significant reduction exceptions for individual countries, but that is only on a case-by-case basis", State Department's Deputy Spokesperson Robert Paladino told reporters. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).

The U.S. government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes the sanctions, Bloomberg reported on Friday, citing a U.S. official.

Bolton said the administration understands that a number of countries, some close geographically to Iran which he visited last week, and others "may not be able to go all the way, all the way to zero immediately". State oil firms are yet to decide on how this quantum will be split between them.

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"We still expect that the global oil market will be in deficit in 4Q18", the bank said.

A waiver will come as a big relief to Indian Oil and MRPL, the two largest Iranian oil consumers. Under this, rupee is used for import of rice, drugs, and other products from India while the balance proceeds in rupee and euro sit idle in the Indian bank waiting for sanctions to go.

"The U.S. may use waivers to slow-walk implementation, but these will not apply indefinitely", Allen said. The official announcement is expected to come over the next few days.

The chief economic advisor did not provide any details of the trade talks between India and the US.

With Iranian sanctions on the horizon, oil production has been increasingly significantly in recent months from the world's top producers. In the USA, crude production posted a record high at 11.2mbpd with production rising at a faster pace than the fracking boom of 2014, while Saudi Arabia is pumping oil at 10.45mbpd and recently stating that they could boost oil supply by 1-2mbpd in the near term.

The set to impose more sanctions on Iran, specifically the banking and energy sectors, which will be in effect starting Monday.

India prefers Iranian oil as it comes cheap and suits many refineries' technical configuration.

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