Published: Sun, August 05, 2018
Markets | By Noel Gibbs

State refiners drive India's July Iran oil imports to a record

State refiners drive India's July Iran oil imports to a record

The U.S. also said that it would exert "maximum economic and diplomatic pressure" on other countries to stop buying crude oil from Iran.

U.S. officials are now travelling the world in a dramatic effort to stop other countries from buying Iranian oil.

The financial news provider quoted informed officials on Friday as saying that the United States had been unable to persuade China to cut Iranian oil imports and that Beijing's purchases from Tehran last month remained unchanged.

Francis Fannon, the assistant secretary of state for the Bureau of Energy Resources, was recently in China to discuss sanctions, according to a State Department spokesperson.

Washington imposed a series of additional sanctions on Iranian entities and individuals, as well as foreign companies in Iran, squeezing Iran economically. The activity extended to the Strait of Hormuz, a strategic waterway for oil shipments the Revolutionary Guards have threatened to block.

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Unfazed, the administration has warned that even allies would face sanctions if they didn't show “significant” progress in reducing Iranian oil purchases by November 4, ruling out broad exemptions or waivers.

"Iran will survive this round of United States sanctions as it has survived them before", Rouhani said, describing them as a "crime and aggression".

Ahead of the return of the USA sanctions on Iran, India's state refiners boosted their Iranian oil purchases, pushing up Indian oil imports from Iran by 30 percent from June, to a record 768,000 bpd in July, Reuters reported on Thursday, citing preliminary tanker arrival data it had obtained from trade sources.

India, the second purchaser of Iranian crude, also increased its imports from Iran last month.

"The unilateral sanctions should be abandoned because they are counterproductive", Chinese Foreign Ministry spokesperson Hua Chunying told reporters.

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The nuclear deal lifted global sanctions in return for Iran limiting its nuclear program and allowing regular inspections.

Iran wants guarantees from Europe to maintain banking cooperation and investments in Iran's oil fields as well as continuation of cooperation between Iranian and European small and medium-sized enterprises, Qasemi noted.

The Trump administration had wanted Iranian oil exports cut to zero by November 4.

Reuters reported last week that India's oil industry is preparing for a blanket cut in Iranian imports, although officials from the two countries continue to hold talks on the issue.

According to data compiled by the agency, China boosted its purchases of Iranian oil in July, snapping up more than a third of the country's total exports.

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