India’s oil imports from Iran increased by some 5 per cent between March 2018 and March 2019 compared to the previous fiscal year through March 2018, because Indian refiners rushed to buy Iranian oil before the U.S. sanctions kicked in in November and hurried to wind up purchases ahead of the waiver expiring early next month. According […]
Unable to secure a waiver extension from Washington to continue buying Iranian oil, Japanese refineries are putting the brakes on further imports in order to give payments enough time to be processed under the existing waiver. In total, Japanese refiners purchased over 15 million barrels of Iranian crude from January through March, but the waiver […]
India’s crude oil imports from Iran and Venezuela fell 50 per cent and 4.2 per cent year-on-year, respectively, in February 2019, fresh data sourced from the Directorate General of Commercial Intelligence and Statistics (DGCIS) showed. Iran and Venezuela are facing crippling economic sanctions by United States, hampering oil exports from these countries. While sanctions targeting […]
India’s basmati rice exports are likely to reach an all-time high of around Rs. 30,000 crore in FY2019 (previous high of Rs. 29,300 crore in FY2014), fuelled by considerable firming up of average realisations, strong demand from Iran and steady increase in paddy prices for three years in a row, credit rating agency ICRA said […]
India may increase oil imports from Brazil and Mexico to offset the loss of Venezuelan oil in the wake of US sanctions on that country, says a IANS report. Venezuela is the fourth largest oil supplier to India after Saudi Arabia, Iraq and Iran. It accounted for about 11 per cent of India’s oil supplies […]
As if cheap steel imports from the Association of Southeast Asian Nations (ASEAN) was not enough of a problem to handle, India’s steelmakers are now fretting over heavily discounted steel imports coming in from Iran, a country that is under economic sanctions imposed by the United States. The first consignments from Iran’s Bandar Imam Khomeini […]
Oil prices hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by U.S. sanctions against Iran and Venezuela. Oil prices have already hit four-month highs, forcing a range of analysts to overhaul their expectations for this year. Brent crude oil futures were at $67.82 […]
Indian state refiners will lift 8 million barrels of Iranian oil in April, a decline of about 12 per cent from the previous month, a Reuters report quoted industry sources, as the nation is in talks with the United States to renew the waiver from U.S. sanctions against Tehran. The United States introduced sanctions aimed […]
The United States has pressed India to stop buying Venezuelan crude oil as a means of accelerating President Nicolas Maduro’s removal from office, which Washington has made its top priority in Latin America recently. “We say you should not be helping this regime. You should be on the side of the Venezuelan people,” the U.S. envoy […]
For the first time in five years Indian traders will export raw sugar to Iran for March and April delivery as Iran struggles to secure food supplies under sanctions imposed by the United States, Reuters reported. Under the sanctions, Iran is blocked from the global financial system, including using U.S. dollars to transact its oil […]