Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on July 3, 2018

Bookmark and Share

India Folds Under Pressure, Halts Iranian Oil Imports

Public Policy

In more dour news for Iran, India (the world’s fourth largest oil importer) is planning to cut oil imports from the embattled OPEC member. India’s oil ministry has asked refiners to prepare for a ‘drastic reduction or zero’ imports of Iranian oil from November, Reuters said on Thursday, citing two industry sources.

The news comes as Tehran remains defiant over impending U.S. sanctions renewal and just days after India indicated it would push back against pressure from Washington to halt Iranian oil imports, stating that it did not recognize sanctions the U.S. has threatened to impose on countries that continue to buy Iranian oil after November 4.

“India does not recognize unilateral sanctions, but only sanctions by the United Nations,” Sunjay Sudhir, joint secretary for international cooperation at India’s petroleum ministry, told CNN earlier when asked whether India would reduce oil imports from Iran. After China, India is the largest buyer of Iranian crude oil.

President Trump said on Tuesday that the U.S. would level sanctions on countries that not did not cut Iranian oil imports.

Though India made an initial defiant stand, it simply can’t afford to alienate Washington since it has to safeguard its exposure to the U.S. financial system, a powerful tool that the U.S. can wield as it pleases since the dollar is the world’s reserve currency. This allows Washington to level crippling sanctions on a wide range of countries all the way from Russia to Venezuela to Iran and anybody else that any sitting U.S. president sees fit to punish.

This economic weapon is also why Beijing is working feverishly to supplement or replace the U.S. dollar as the world’s reserve currency. In September, John Hardy, the head of FX strategy at Saxo Bank said China was “eyeing the benefits of having its own currency play a larger role and to supplant the USD’s role in global trade. The initial focus is on the global oil trade, where it has announced the intention of buying oil in yuan and allowing trade partners to settle that yuan in gold.” He added that settling in gold is a clever move by Beijing as it provides oil-exporting countries with a greater degree of comfort.

Scouting for oil supply alternatives

One of the Reuters sources on Thursday added that India’s oil ministry had held a meeting with refiners that day, urging them to scout for alternatives to Iranian oil. “(India) has asked refiners to be prepared for any eventuality, since the situation is still evolving. There could be drastic reduction or there could be no import at all,” said another source.

All of this first perfectly into the revamped U.S.-Saudi playbook over both global oil markets and geopolitics in the Middle East. Though Trump took a hard line against the Saudis during the 2016 presidential campaign, even calling for a halt to all Saudi oil imports to the U.S., as president he has become more pragmatic, working with Riyadh on a wide range of issues as the Saudis jockey for geopolitical hegemony over Iran in the Middle East.

Trump tweets impacts global oil

Trump, for his part, delighted the Saudis when he announced that sanctions would be reactivated against Iran, while the Saudis have seemingly become docile as Trump uses Twitter as the presidential bully pulpit to pressure OPEC to keep prices from spiraling out of control and hurting the U.S. economy ahead of the November mid-term congressional elections. All 435 seats in the House and 35 of the 100 seats in the Senate will be contested. The outcome of the election could largely dictate how the second half of Trump’s four-year term unfolds.

Trump said in another tweet on Saturday that Saudi Arabia’s King Salman had agreed to his request to increase oil production “maybe up to 2,000,000 barrels” to offset production from Iran and Venezuela.

“Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference … Prices to high! He has agreed!” Trump tweeted.

Some U.S. sanctions against Iran take effect after a 90-day “wind-down” period ending on August 6, and the rest, notably in the petroleum sector, following a 180-day “wind-down period” ending on November 4.

By Tim Daiss for Oilprice.com



73 Comments on "India Folds Under Pressure, Halts Iranian Oil Imports"

  1. GregT on Tue, 3rd Jul 2018 9:11 pm 

    Add Boat to the growing list of people who are far more intelligent than MM is.

    Boat, I doubt that ‘reefer’ is the underlying problem here. MM has told everyone that he is an unemployed chemist who is $100,000 in debt.My guess would be that he’s been cooking up some rather nasty shit in mommy’s basement.

  2. MASTERMIND on Tue, 3rd Jul 2018 9:20 pm 

    Greg

    Maybe I work for the “Deep State” and I am going to send some black helicopters after you!

  3. GregT on Tue, 3rd Jul 2018 9:43 pm 

    Maybe you believe that you work for the ‘Deep State’, and will send your little black helicopters after me.

    You might consider saving your above comment on your desktop, to read in the morning after you have come down.

  4. Makati1 on Tue, 3rd Jul 2018 9:48 pm 

    Actually, I am of German/Scotch/Irish decent with likely some African and Asia thrown in. What does that mean, Boat? What is YOUR background? No American is pure anything, except maybe greedy Jews. Jews have been hated since ancient Egyptian times, when they were slaves to the Pharaohs.

  5. Makati1 on Tue, 3rd Jul 2018 10:00 pm 

    Boat, and did you know that Russia provides most of India’s weapons?

    https://defencyclopedia.com/2015/03/20/top-10-most-powerful-weapons-of-the-indian-military-2/
    and…
    http://www.businessinsider.com/why-russia-sends-so-much-weaponry-to-india-2014-8
    and…
    https://economictimes.indiatimes.com/news/defence/indias-deadliest-future-weapons-explained-power-of-stealth-and-destruction-in-its-hands/articleshow/54918785.cms

    It seems that Russia is the biggest and most important supplier to India and Russia is China’s buddy, Boat. Jews are on their way to extinction and it cannot happen too soon.

  6. Free Speech Forum on Tue, 3rd Jul 2018 10:18 pm 

    If a country is not moral then a nation either becomes a Communist shithole like North Korea or a Muslim country like Iran.

  7. Makati1 on Tue, 3rd Jul 2018 10:22 pm 

    BTW Boat:

    https://www.zerohedge.com/news/2018-07-02/india-defies-washington-will-acquire-russian-s-400-missile-shield

    They know who makes the best.

  8. MASTERMIND on Tue, 3rd Jul 2018 10:29 pm 

    Madkat

    You are just rooting for Asia because that is your only hope..You are a clown who doesn’t know how the world economy works..

  9. Makati1 on Tue, 3rd Jul 2018 10:29 pm 

    Free… who defines “moral” You? Me? Christians? Muslims? Jews? Buddhists? Hindus? Mormons? Catholics? Protestants? Atheists? Or other biased groups? Governments? Cities? States? Countries? If religion, do you know that “there are roughly 4,200 religions in the world.” WIKI

    You “moral” is another’s freedom. Do you want to live by Muslim morals? Why not? Aren’t ALL morals equal? Why are yours special and the only ones? LMAO

  10. Makati1 on Tue, 3rd Jul 2018 10:31 pm 

    I root for the winner whose country I have chosen to watch the fall of the West from. You are the one that is denying that that is obviously true.

    Nice shot 3rd grader, but you missed the target completely , as usual.

  11. GregT on Tue, 3rd Jul 2018 11:08 pm 

    “You are a clown who doesn’t know how the world economy works..”

    The real world is much different than the one you watch on television.

  12. Cloggie on Tue, 3rd Jul 2018 11:40 pm 

    “What’s a poor suicidal psychopath to do, for 22 more years?”

    Posting maniacal at peakoil.com, calling for a nuclear strike against Russia, waiting for the opportunity to rape white women, claim that white folks need to be phased out from history “because they can’t dance”, promoting Marx and communism and of stressing how smarts jews are.

    I may have forgotten a gem or two.

  13. MASTERMIND on Tue, 3rd Jul 2018 11:45 pm 

    #UPDATE Two patients are in a critical condition after being exposed to an ‘unknown substance’ close to where former Russian spy Sergei Skripal and his daughter were poisoned

    https://twitter.com/AFP/status/1014367875102961664

    Another false flag that is going to be pinned on Russia..And I bet the people die this time..And it’s right before the Trump summent with Putin and during the world cup!

    This story will be YUUUGE tomw! The media is going to go nuts! Russia uses chemical weapons again to murder someone in UK

    I told you it was coming..The deep state gets it done!

  14. MASTERMIND on Tue, 3rd Jul 2018 11:53 pm 

    Clogg

    Add to that list predicting the future..I told you a false flag was coming against Russia soon..And it just did..Russia murders another two people in the UK..How dare they…

  15. MASTERMIND on Tue, 3rd Jul 2018 11:57 pm 

    ‘Unknown substance’ hospitalises two in Salisbury: British police

    https://au.news.yahoo.com/unknown-substance-hospitalises-two-salisbury-british-police-042614145–spt.html

    Meddling in the US election and now using banned chemical weapons on innocent people in the UK..

    Time to hit em where it hurts! A nuclear first strike and take the oil!

  16. GregT on Wed, 4th Jul 2018 12:06 am 

    Internet Trolls Are Narcissists, Psychopaths, and Sadists

    Trolls will lie, exaggerate, and offend to get a response.

  17. MASTERMIND on Wed, 4th Jul 2018 12:15 am 

    Putin can’t get away with this twice..He has to be stopped by any means necessary..

    This false flag will ruin all of his hopes of a successful world cup..

    LMFAO!

  18. Makati1 on Wed, 4th Jul 2018 1:02 am 

    Internet Trolls Are Narcissists, Psychopaths, and Sadists

    Trolls will lie, exaggerate, and offend to get a response. – GregT

  19. shoal on Wed, 4th Jul 2018 10:18 am 

    “Europe Turns Down Chinese Offer For Grand Alliance Against The US”
    https://www.zerohedge.com/news/2018-07-04/europe-turns-down-chinese-offer-grand-alliance-against-us

    “However, perhaps because China’s veneer of the leader of the free trade world is so laughably shallow – China was and remains a pure mercantilist power, whose grand total of protectionist policies put both the US and Europe to shame – the European Union has outright rejected any idea of allying with Beijing against Washington ahead of a Sino-European summit in Beijing on July 16-17.”

    “Then there is China’s “free-trade” reputation: a recent Rhodium Group report showed that Chinese restrictions on foreign investment are higher in every single sector save real estate, compared to the European Union, while many of the big Chinese takeovers in the bloc would not have been possible for EU companies in China. And while China has promised to open up, EU officials expect any moves to be more symbolic than substantive. Almost as if behind the facade of smiles and agreement, Europe has absolutely no belief that Beijing will ever follow through with its promises. In other words, not even when faced with the specter of a full-blown trade war, is Europe willing to terminally alienate the world’s biggest buying power: the US consumer, in exchange for some vague promises for “open trade” from Beijing.”

    “China wants the European Union to stand with Beijing against Washington, to take sides,” one European diplomat told Reuters. “We won’t do it and we have told them that.” But why does Europe – which has so staunchly publicized its disagreement with Trump’s policies – refuse to align with China? Simple: behind closed doors it admits that Trump’s complaints about Beijing are, drumroll, spot on. Despite Trump’s tariffs on European metals exports and threats to hit the EU’s automobile industry, Brussels shares Washington’s concern about China’s closed markets and what Western governments say is Beijing’s manipulation of trade to dominate global markets. “We agree with almost all the complaints the U.S. has against China, it’s just we don’t agree with how the United States is handling it,” another diplomat told Reuters. “We agree with almost all the complaints the U.S. has against China, it’s just we don’t agree with how the United States is handling it,” another diplomat told Reuters. And while Europe’s position is understandable, if hypocritical – after all if it believes that Trump’s approach to dealing with an ascendant China is the right one, why not just say it – the attention will shift to China, and the admission that Beijing is terrified about the consequences of a full blown trade war.”

  20. Cloggie on Wed, 4th Jul 2018 3:20 pm 

    Shoal (probably Davy) claims “Europe Turns Down Chinese Offer For Grand Alliance Against The US”, quoting from his favorite shock-blog 0-hedge.

    If you drill a little deeper you quickly find out that there is no talk about a “grand alliance” EU-China, just an attempt to coordinate free trade (“trade-alliance”), that would only benefit China.

    EU-China: -$125B
    US-China: -$376B
    (2017)

    http://ec.europa.eu/eurostat/statistics-explained/index.php/China-EU_-_international_trade_in_goods_statistics

    https://www.census.gov/foreign-trade/balance/c5700.html

    In the case of the EU the the EU-Chinese trade imbalance is merely 0.6% EU GDP, which is not the world. The EU as a whole has a surplus with the rest of the world.

    President Trump simply has a point that huge trade imbalances need to be counteracted and the only way to do it is to force China to pay its workers substantially more. The EU doesn’t have an interest in antagonizing the US, with a populist president in place, enabling the EU to escape from the grip of the empire, now that the deep state has been temporarily sidelined and a left-right conflict is looming in the US.

    https://en.wikipedia.org/wiki/List_of_countries_by_current_account_balance

    Trade balance (billion $):

    1. Germany…….+296
    2. Japan………+175
    3. China………+163
    4. South-Korea….+85
    5. Holland……..+82

    Most EU countries in the plus, except France.

    5. India……….-37
    4. Turkey………-39
    3. Canada………-56
    2. UK………….-91
    1. USA………..-462

    President Trump has no choice but to overturn decades of the US deep state selling out US interests (that is most of its industry) in its failed anticipation of “One World”. His goal should be to rebuild US industry, not to allow these huge Chinese surpluses continue to exist till kingdom comes. He is doing everything right.

    #HailTrump.lol

    https://www.youtube.com/watch?v=tyVhXsih8sM

  21. MASTERMIND on Wed, 4th Jul 2018 3:27 pm 

    Clogg

    You are slave to the elites..

  22. MASTERMIND on Wed, 4th Jul 2018 4:04 pm 

    UK counter-terrorism chief says couple in Wiltshire contaminated with same substance as Skripals

    https://www.rt.com/uk/431750-wiltshire-couple-skripal-substance/?utm_source=browser&utm_medium=push_notifications&utm_campaign=push_notifications

    Another Russian Assassination attempt by Putin..

    Hit em hard!

  23. Antius on Wed, 4th Jul 2018 4:28 pm 

    “UK counter-terrorism chief says couple in Wiltshire contaminated with same substance as Skripals

    Another Russian Assassination attempt by Putin..”

    Of course Millimind. What could make more sense, than Vladimir Putin ordering the KGB to poison a random couple in Wiltshire?

    Is it really a coincidence that this has occurred within a dozen miles of a British chemical weapons lab?

    As the details of the Skripal case started to make less and less sense, the press suddenly and mysteriously went silent on it. Do you suppose the corrupt UK government put a D order on reporting of the case, lest their false flag operation start causing serious international embarrassment? Heaven forbid the British public actually get a glimpse of the sordid reality of the ZOG government that actually control them.

Leave a Reply

Your email address will not be published. Required fields are marked *