Iran is facing renewed economic pressure as the United States expands sanctions targeting Tehran's economy and trade networks. In the port city of Bandar Abbas, businesses and residents are grappling with rising costs, currency volatility, and growing uncertainty. Despite the pressure, Iran says it can withstand the sanctions and continue trading with key partners such as China and Russia. Meanwhile, tensions surrounding the Strait of Hormuz remain a major concern for global energy markets and international shipping routes. How will the latest sanctions impact Iran's economy and the wider region? 

US sanctions on Iran have curtailed oil imports

The United States is preparing a fresh wave of tariffs on dozens of trading partners, as President Donald Trump doubles down on using trade penalties as a negotiating tool. The new duties could affect countries including China, India, Japan, Canada, Mexico, the European Union and others, with Washington accusing some nations of failing to address forced labour concerns.

Donald Trump expands global Trade Tariff Push | World Business Watch | Wion 

Asia's property market is sending mixed signals. While countries like India and Japan continue to post record demand and rising investments,markets such as Hong Kong and Mainland China are still grappling with weaker fundamentals. But beneath those headline numbers lies a deeper story -one of widening gaps between cities, sectors and even buildings. Here's a closer look.

Asia's property boom hides a growing divide | World Business Watch | Wion News 

 China has just posted its highest-ever oil and gas production. But even as Beijing celebrates record output, it is warning that the country's energy future is becoming far more difficult. Depleting oilfields, rising extraction costs and growing geopolitical risks are forcing China to rethink how it secures its energy supplies.

China's Energy Warning After Record Output | World Business Watch | Wion News 

The Trump administration quietly reversed course on Friday (Apr 17), issuing a second month-long sanctions waiver allowing the purchase of Russian crude oil and petroleum products currently at sea. This comes just two days after Treasury Secretary Scott Bessent told reporters the US would not be extending the measure. How would this waiver benefit India, which imports around 38 and 40 per cent of its total crude imports from Moscow? All you need to know.<h2>US extends sanction waiver on Russian oil</h2>The Treasury Department has issued a month-long sanctions waiver for Russian oil. It covers oil already loaded onto vessels as of April 17 and permits purchases through 12:01 AM on May 16. This waiver is the second of its kind in recent days. It mirrors a previous waiver that expired on April 11, which was designed to cushion global energy markets from the supply shock caused by Iran's effective closure of the Strait of Hormuz following the US-Israel military campaign that began on February 28.Also read | <a href="https://www.wionews.com/world/india-calls-out-unacceptable-attacks-on-ships-in-strait-of-hormuz-flags-lost-precious-lives-of-indian-seafarers-1776387875954">India calls out 'unacceptable' attacks on ships in Strait of Hormuz, shares 3-point plan for regional stability</a><h2>Didn't Bessent say no more waivers on Russian oil?</h2>United States' reversal is notable both for its timing and its political awkwardness. Bessent had been unambiguous on Wednesday (Apr 15), saying Washington would not renew the waiver for either Russian or Iranian oil. "We ​will not be renewing the general license on Russian oil, and we will not be renewing the general license ​on Iranian oil. That was oil that ​was on the water prior to March 11. So all ‌that ⁠has been used," Bessent said at a White House briefing. The administration's U-turn two days later suggests that energy market pressures, and their domestic political consequences ultimately overrode the harder line. US gasoline prices have risen sharply since the conflict began, adding pressure on households ahead of the midterm elections later this year.<h2>Waiver only for oil already at sea</h2>Notably, the waiver applies only to oil already in transit and is not intended to encourage new transactions.Also read | <a href="https://www.wionews.com/photos/ukraine-s-robot-army-how-kyiv-used-ground-based-robots-to-carry-out-over-100-combat-operations-against-russia-all-you-need-to-know-in-pics-1776323150157">Ukraine's robot army: How Kyiv used ground-based robots to execute 100+ combat operations against Russia | In Pics</a><h2>What it means for India</h2>For India, the waiver's extension provides short-term relief, though New Delhi previously made clear it doesn't consider US sanctions policy determinative of its own energy decisions.Russia currently supplies between 38 and 40 per cent of India's total crude imports, averaging roughly 1.57 to 1.98 million barrels per day in early 2026. India depends on imports to meet over 88 per cent of its energy requirements, and with Iranian oil effectively off the table due to longstanding sanctions, Russia and the broader West Asian region are its primary alternatives, both of which have been disrupted by the current conflict.When the first waiver expired on April 11, Indian refineries signalled they would continue purchasing Russian crude regardless of the US position. An official cited by Mint said, "Efforts are on for further LPG purchases from Russia. Also, import of both crude and LPG is likely to continue from non-sanctioned entities." The official described India's energy import strategy as a sovereign decision that does not hinge on US sanctions policy.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

The United States has extended a one-month sanctions waiver for Russian crude that was already on ships. And for India, that matters more than it might look at first glance. All you need to know.

The Trump administration quietly reversed course on Friday (Apr 17), issuing a second month-long sanctions waiver allowing the purchase of Russian crude oil and petroleum products currently at sea. This comes just two days after Treasury Secretary Scott Bessent told reporters the US would not be extending the measure. How would this waiver benefit India, which imports around 38 and 40 per cent of its total crude imports from Moscow? All you need to know. US extends sanction waiver on Russian oil The Treasury Department has issued a month-long sanctions waiver for Russian oil. It covers oil already loaded onto vessels as of April 17 and permits purchases through 12:01 AM on May 16. This waiver is the second of its kind in recent days. It mirrors a previous waiver that expired on April 11, which was designed to cushion global energy markets from the supply shock caused by Iran's effective closure of the Strait of Hormuz following the US-Israel military campaign that began on February 28. Also read | India calls out 'unacceptable' attacks on ships in Strait of Hormuz, shares 3-point plan for regional stability Didn't Bessent say no more waivers on Russian oil? United States' reversal is notable both for its timing and its political awkwardness. Bessent had been unambiguous on Wednesday (Apr 15), saying Washington would not renew the waiver for either Russian or Iranian oil. "We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11. So all ‌that ⁠has been used," Bessent said at a White House briefing. The administration's U-turn two days later suggests that energy market pressures, and their domestic political consequences ultimately overrode the harder line. US gasoline prices have risen sharply since the conflict began, adding pressure on households ahead of the midterm elections later this year. Waiver only for oil already at sea Notably, the waiver applies only to oil already in transit and is not intended to encourage new transactions. Also read | Ukraine's robot army: How Kyiv used ground-based robots to execute 100+ combat operations against Russia | In Pics What it means for India For India, the waiver's extension provides short-term relief, though New Delhi previously made clear it doesn't consider US sanctions policy determinative of its own energy decisions. Russia currently supplies between 38 and 40 per cent of India's total crude imports, averaging roughly 1.57 to 1.98 million barrels per day in early 2026. India depends on imports to meet over 88 per cent of its energy requirements, and with Iranian oil effectively off the table due to longstanding sanctions, Russia and the broader West Asian region are its primary alternatives, both of which have been disrupted by the current conflict. When the first waiver expired on April 11, Indian refineries signalled they would continue purchasing Russian crude regardless of the US position. An official cited by Mint said, "Efforts are on for further LPG purchases from Russia. Also, import of both crude and LPG is likely to continue from non-sanctioned entities." The official described India's energy import strategy as a sovereign decision that does not hinge on US sanctions policy. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

The United States has extended a one-month sanctions waiver for Russian crude that was already on ships. And for India, that matters more than it might look at first glance. All you need to know.

US extends Russian oil sanctions waiver despite Scott Bessent's pledge not to. What does it mean for India?

China's oil imports from countries under Western sanctions have inadvertently resulted in substantial savings for the nation, amounting to nearly $10 billion, according to calculations based on data from traders and shiptrackers, as reported by Reuters.&nbsp;

China's&nbsp;savings have arisen from purchases of oil from Russia, Iran, and Venezuela, all countries subjected to sanctions by the United States and other Western nations. These savings have inadvertently lowered the cost of oil imports for Chinese refiners.&nbsp;

This year, China has benefited from these lower-priced imports, boosting the country's oil throughput and refining margins. Notably, small independent operators known as "teapots" have been among the primary beneficiaries.&nbsp;

China's significant imports of oil from these sanctioned countries are also providing vital revenue streams for Moscow, Tehran, and Caracas, whose economies have been adversely affected by Western sanctions and a decrease in foreign investment.&nbsp;

During the first nine months of 2023, China imported a record 2.765 million barrels per day (bpd) of crude from Iran, Russia, and Venezuela. These three countries accounted for a quarter of China's oil imports during this period, significantly higher than in previous years.&nbsp;

The savings resulting from these imports have been particularly advantageous for independent refiners. Reuters quoted&nbsp;Kang Wu, global head of demand research at S&amp;P Global Commodity Insights, as saying that these refiners are "opportunistic buyers and actively look for bargains".&nbsp;&nbsp;&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

China's oil imports from countries under Western sanctions have inadvertently resulted in substantial savings for the nation, amounting to nearly $10 billion, according to calculations based on data from traders and shiptrackers, as reported by Reuters.

China's oil imports from countries under Western sanctions have inadvertently resulted in substantial savings for the nation, amounting to nearly $10 billion, according to calculations based on data from traders and shiptrackers, as reported by Reuters. China's savings have arisen from purchases of oil from Russia, Iran, and Venezuela, all countries subjected to sanctions by the United States and other Western nations. These savings have inadvertently lowered the cost of oil imports for Chinese refiners. This year, China has benefited from these lower-priced imports, boosting the country's oil throughput and refining margins. Notably, small independent operators known as "teapots" have been among the primary beneficiaries. China's significant imports of oil from these sanctioned countries are also providing vital revenue streams for Moscow, Tehran, and Caracas, whose economies have been adversely affected by Western sanctions and a decrease in foreign investment. During the first nine months of 2023, China imported a record 2.765 million barrels per day (bpd) of crude from Iran, Russia, and Venezuela. These three countries accounted for a quarter of China's oil imports during this period, significantly higher than in previous years. The savings resulting from these imports have been particularly advantageous for independent refiners. Reuters quoted Kang Wu, global head of demand research at S&P Global Commodity Insights, as saying that these refiners are "opportunistic buyers and actively look for bargains". (With inputs from Reuters) WATCH WION LIVE HERE

China benefits from sanctioned oil imports, saves billions in fuel costs 

According to reports, Pakistan is in talks with Russia regarding the possibility of importing oil on deferred payment. Pak PM Shehbaz Sharif had three meetings with Russian President Putin on the sidelines of the SCO summit in Uzbekistan.

Reports: Pakistan-Russia discuss Russian oil imports on deferred payment basis

Saudi Arabia has doubled its Russian oil imports. This comes as Joe Biden arrived in Saudi Arabia. Riyadh's Russian oil imports during April to June was around 647,000 tonnes.

Saudi Arabia doubles oil imports from Russia this year

European union leaders have agreed to ban 90% of Russian oil imports by the end of this year, it's a part of a sixth package of sanctions approved at a summit in Brussels.

EU leaders agree to cut 90% of oil imports by year end

As the Russian invasion of Ukraine continues, the European Commission proposed a ban on Russian oil imports. So far, this is Europe's toughest move to isolate Russia.

Russia-Ukraine conflict: EU Commission proposes a ban on Russian oil imports

Leaders of Saudi Arabia and the UAE are reportedly ignoring phone calls from US President Joe Biden. Has Biden failed to rally US allies against Russia? Despite a 50-year career in politics, what explains Biden's foreign policy shortcomings? Palki Sharma tells you.

Gravitas: Saudi Arabia, UAE ignore phone calls from Biden

US President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine. WION's Anas Mallick and Susan Tehrani brings you more insights.

Breaking News: US President Joe Biden bans Russian oil imports

Indian state refiners have stopped buying crude oil from China-linked companies, three sources said, after New Delhi`s recent regulation aimed at restricting imports from countries that it shares a border with.

The new regulation, put in place on July 23, comes after a border clash between India and China that killed 20 Indian soldiers and soured relations between the two neighbours.

Since the new order was issued, state refiners have been inserting a clause in their import tenders on new rules restricting dealings with companies from countries sharing a border with India, the sources said and the tender documents show.

Last week, Indian state refiners decided to stop sending crude import tenders to Chinese trading firm like CNOOC Ltd, Unipec and PetroChina, among others, one of the sources said.

<a href="https://www.wionews.com/india-news/most-serious-situation-after-1962-external-affairs-minister-dr-s-jaishankar-on-india-china-border-clash-323427">Also read|&nbsp;Most serious situation after 1962: External Affairs Minister Dr S Jaishankar on India-China border clash</a>

To participate in Indian tenders, the July 23 order makes registration with a department in the federal commerce ministry `mandatory` for any bidders from nations sharing a border with India.

India shares borders with China, Pakistan, Bangladesh, Myanmar, Nepal and Bhutan, but the government statement did not name any specific country.

State refiners, which control 60% of India`s 5 million barrel-per-day refining capacity, regularly tap spot markets for crude.

India is the world`s third biggest oil consumer and importer and imports nearly 84% of its oil needs. China does not export crude to India but Chinese firms are major traders of the commodity globally.

<a href="https://www.wionews.com/videos/china-fires-2-missiles-in-warning-to-us-323320">Also watch|&nbsp;China fires 2 missiles in warning to US</a>

Chinese companies also hold equity stakes in many oilfields across the globe ranging from the Middle East to Africa and the Americas and often submit competitive bids in crude import tenders by Indian state refiners.

National Interest

Indian state refiners have also decided not to deal with China Aviation Oil (Singapore), PetroChina and subsidiaries of Unipec among others for fuel imports, and have stopped chartering Chinese tankers for imports, sources said.

"There is no impact from the tanker ban and refined fuel imports restrictions as we hardly hire Chinese vessels and our (state refiners`) refined fuel imports are also almost nil except for liquefied petroleum gas (LPG)," a second source said.

State refiners will, however, take delivery of crude in tankers linked to China if the import tender was awarded on a cost, insurance, freight (CIF) basis, where the seller arranges the ships, the sources said.

State refiners Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, Mangalore Refinery and Petrochemical did not immediately respond to requests for comment.

CNOOC, PetroChina and Unipec parent Sinopec also did not immediately respond to requests for comment, while China Aviation Oil declined comment.

India has surplus refining capacity. Most refiners are operating their plants at below capacity as COVID-19-related restrictions have dented fuel demand.

"Nowadays our own requirement is very less, so these new rules are not hurting much. But at some point in time we will definitely be impacted by the new conditions. But we need to think of the larger picture and the national interest, also," a third source said.

Indian state refiners have stopped buying crude oil from China-linked companies, three sources said, after New Delhi`s recent regulation aimed at restricting imports from countries that it shares a border with.

Indian state refiners have stopped buying crude oil from China-linked companies, three sources said, after New Delhi`s recent regulation aimed at restricting imports from countries that it shares a border with. The new regulation, put in place on July 23, comes after a border clash between India and China that killed 20 Indian soldiers and soured relations between the two neighbours. Since the new order was issued, state refiners have been inserting a clause in their import tenders on new rules restricting dealings with companies from countries sharing a border with India, the sources said and the tender documents show. Last week, Indian state refiners decided to stop sending crude import tenders to Chinese trading firm like CNOOC Ltd, Unipec and PetroChina, among others, one of the sources said. Also read| Most serious situation after 1962: External Affairs Minister Dr S Jaishankar on India-China border clash To participate in Indian tenders, the July 23 order makes registration with a department in the federal commerce ministry `mandatory` for any bidders from nations sharing a border with India. India shares borders with China, Pakistan, Bangladesh, Myanmar, Nepal and Bhutan, but the government statement did not name any specific country. State refiners, which control 60% of India`s 5 million barrel-per-day refining capacity, regularly tap spot markets for crude. India is the world`s third biggest oil consumer and importer and imports nearly 84% of its oil needs. China does not export crude to India but Chinese firms are major traders of the commodity globally. Also watch| China fires 2 missiles in warning to US Chinese companies also hold equity stakes in many oilfields across the globe ranging from the Middle East to Africa and the Americas and often submit competitive bids in crude import tenders by Indian state refiners. National Interest Indian state refiners have also decided not to deal with China Aviation Oil (Singapore), PetroChina and subsidiaries of Unipec among others for fuel imports, and have stopped chartering Chinese tankers for imports, sources said. "There is no impact from the tanker ban and refined fuel imports restrictions as we hardly hire Chinese vessels and our (state refiners`) refined fuel imports are also almost nil except for liquefied petroleum gas (LPG)," a second source said. State refiners will, however, take delivery of crude in tankers linked to China if the import tender was awarded on a cost, insurance, freight (CIF) basis, where the seller arranges the ships, the sources said. State refiners Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, Mangalore Refinery and Petrochemical did not immediately respond to requests for comment. CNOOC, PetroChina and Unipec parent Sinopec also did not immediately respond to requests for comment, while China Aviation Oil declined comment. India has surplus refining capacity. Most refiners are operating their plants at below capacity as COVID-19-related restrictions have dented fuel demand. "Nowadays our own requirement is very less, so these new rules are not hurting much. But at some point in time we will definitely be impacted by the new conditions. But we need to think of the larger picture and the national interest, also," a third source said.

Indian state refiners halt oil imports from Chinese companies: Sources

<a href="https://www.wionews.com/world/indias-oil-imports-from-venezuela-hit-lowest-in-over-five-years-35639">India's oil imports </a>in November grew at their fastest pace in seven months, while diesel exports soared the most in about 2 years, indicating higher refinery runs amid falling local demand for gas oil due to a slowing economy.

India's November oil imports rose 12.7 per cent&nbsp;to 19.17 million tonnes (about 4.7 million barrels per day), the biggest year-on-year increase since April, preliminary data from the oil ministry's Petroleum Planning and Analysis Cell <a href="https://www.wionews.com/india-news/indias-fuel-demand-rises-28-per-cent-year-on-year-in-august-at-nine-month-low-249025">(PPAC)</a> showed.

"Some of the refineries were undergoing revamp because of fuel upgrade projects, that was one reason why imports were low in the previous months," said K Ravichandran, senior vice president at ICRA, a unit of Moody's Investors Service.

"Now all those refineries are coming back to production as we approach the deadline."

India, the world's third-biggest oil importer, and the consumer has set an April 1, 2020 deadline to migrate to Euro VI-compliant&nbsp;fuels to cut its carbon emissions.

India's oil demand has been subdued for most of the year mainly due to a slowdown in economy and refinery unit shutting for maintenance and fuel upgrades. India's economy grew at its slowest pace in six years in the July-September quarter.

Indian refiners raised the output of diesel expecting a spurt in demand for the fuel following the implementation of new marine fuel rules from January 2020.

"Unfortunately domestic demand is not growing," Ravichandran added.

Diesel demand, which is directly correlated to industrial activity, has been slow for most of the year, pressured by a prolonged monsoon season and softening industrial activity.

Analysts expect India's diesel demand to remain subdued until the second half of 2020.

The country's overall industrial output has fallen for three straight months for the first time since the global recession that began in 2008, with electricity demand falling for four consecutive months.

India has lowered its fuel demand growth estimates for the current fiscal year to a six-year low of 1.3 per cent. Local sales of diesel are expected to grow by 0.9 per cent, the lowest rate in five years.

Refined fuel exports rose by 16.4 per cent in November, the PPAC data showed, with <a href="https://www.wionews.com/business-economy/indias-diesel-demand-growth-seen-stuck-in-low-gear-until-mid-2020-266079">diesel</a> exports soaring by about 41 per cent&nbsp;to register their biggest annual jump since January 2018.

Import of refined products rose 45.4 per cent in November from a year earlier to 3.29 million tonnes mainly because of an increase in <a href="https://www.wionews.com/business-economy/cooking-gas-price-hiked-by-rs-450-per-cylinder-19th-increase-since-july-2016-23296">cooking gas</a> and fuel oil imports, the data showed.

India's oil imports in November grew at their fastest pace in seven months, while diesel exports soared the most in about 2 years, indicating higher refinery runs amid falling local demand for gas oil due to a slowing economy.

India's oil imports in November grew at their fastest pace in seven months, while diesel exports soared the most in about 2 years, indicating higher refinery runs amid falling local demand for gas oil due to a slowing economy. India's November oil imports rose 12.7 per cent to 19.17 million tonnes (about 4.7 million barrels per day), the biggest year-on-year increase since April, preliminary data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed. "Some of the refineries were undergoing revamp because of fuel upgrade projects, that was one reason why imports were low in the previous months," said K Ravichandran, senior vice president at ICRA, a unit of Moody's Investors Service. "Now all those refineries are coming back to production as we approach the deadline." India, the world's third-biggest oil importer, and the consumer has set an April 1, 2020 deadline to migrate to Euro VI-compliant fuels to cut its carbon emissions. India's oil demand has been subdued for most of the year mainly due to a slowdown in economy and refinery unit shutting for maintenance and fuel upgrades. India's economy grew at its slowest pace in six years in the July-September quarter. Indian refiners raised the output of diesel expecting a spurt in demand for the fuel following the implementation of new marine fuel rules from January 2020. "Unfortunately domestic demand is not growing," Ravichandran added. Diesel demand, which is directly correlated to industrial activity, has been slow for most of the year, pressured by a prolonged monsoon season and softening industrial activity. Analysts expect India's diesel demand to remain subdued until the second half of 2020. The country's overall industrial output has fallen for three straight months for the first time since the global recession that began in 2008, with electricity demand falling for four consecutive months. India has lowered its fuel demand growth estimates for the current fiscal year to a six-year low of 1.3 per cent. Local sales of diesel are expected to grow by 0.9 per cent, the lowest rate in five years. Refined fuel exports rose by 16.4 per cent in November, the PPAC data showed, with diesel exports soaring by about 41 per cent to register their biggest annual jump since January 2018. Import of refined products rose 45.4 per cent in November from a year earlier to 3.29 million tonnes mainly because of an increase in cooking gas and fuel oil imports, the data showed.

India's November oil import growth fastest in seven months: Sources

South Korea said on Friday that it will seek alternate sources of crude oil imports in order to minimise the impact of sanctions imposed by the United States on<a href="https://www.wionews.com/world/us-oil-sanctions-wont-go-without-response-iran-213205"> Iran</a>, reported Yonhap News Agency.

The move comes after US Secretary of State Mike Pompeo announced recently that <a href="https://www.wionews.com/world/will-no-longer-grant-sanctions-exemptions-to-irans-oil-customers-us-212617">no fresh sanctions waiver will be issued for Iranian oil imports</a> to South Korea, China, India and five other countries.

The waivers are set to come to an end on May 2.

Earlier this week, South Korean officials, including Deputy Foreign Minister for Economic Affairs, Yun Kang-hyeon, visited Washington for talks on the issue.

It is pertinent to mention that India on Tuesday said that it is adequately prepared to deal with the impact of the US decision.

"Government has noted the announcement by the US Government to discontinue the Significant Reduction Exemption to all purchasers of crude oil from Iran. We are adequately prepared to deal with the impact of this decision," said Ministry of External Affairs (MEA) spokesperson Raveesh Kumar.

In November last year, the US had issued 180-day waivers to eight countries - including India - to give them more time to find alternative sources of oil.&nbsp;

South Korea said on Friday that it will seek alternate sources of crude oil imports in order to minimise the impact of sanctions imposed by the United States on Iran, reported Yonhap News Agency.

South Korea said on Friday that it will seek alternate sources of crude oil imports in order to minimise the impact of sanctions imposed by the United States on Iran, reported Yonhap News Agency. The move comes after US Secretary of State Mike Pompeo announced recently that no fresh sanctions waiver will be issued for Iranian oil imports to South Korea, China, India and five other countries. The waivers are set to come to an end on May 2. Earlier this week, South Korean officials, including Deputy Foreign Minister for Economic Affairs, Yun Kang-hyeon, visited Washington for talks on the issue. It is pertinent to mention that India on Tuesday said that it is adequately prepared to deal with the impact of the US decision. "Government has noted the announcement by the US Government to discontinue the Significant Reduction Exemption to all purchasers of crude oil from Iran. We are adequately prepared to deal with the impact of this decision," said Ministry of External Affairs (MEA) spokesperson Raveesh Kumar. In November last year, the US had issued 180-day waivers to eight countries - including India - to give them more time to find alternative sources of oil.

South Korea to seek alternate sources of oil imports

Iran's foreign minister says India to continue economic cooperation, oil imports

India has for the first time allowed state refiners to buy 35 per cent of their oil imports in tankers arranged by the seller, a document reviewed by Reuters showed, enabling them to swiftly tap cheaper cargoes.&nbsp;

The move will help refiners in Iran's second-biggest oil market to boost purchases from alternative sources as US&nbsp;President Donald Trump prepares to halt Iranian oil sales through a new set of sanctions from November 4.

Also read: <a href="http://www.wionews.com/india-news/oil-forecasts-call-100-india-considers-cutting-back-crude-imports-167591">As oil forecasts call for $100, India considers cutting back crude imports</a>

The measure is part of a series of attempts by the world's third-biggest oil importer and consumer to cut its surging oil import bill in the face of rising oil prices and a weaker Indian rupee.

India had previously allowed state-refiners to buy only 15.48 per cent of their estimated 118.15 million tonnes of oil imports in the current fiscal year to March 31 on a Cost, Insurance and Freight (CIF) basis, meaning the seller arranges the vessel and insurance. The rest was largely procured on a Free on Board (FOB) basis to help Indian shipping lines and insurers.

Also read: <a href="http://www.wionews.com/business-economy/international-oil-prices-hit-four-year-high-opec-russia-resist-output-rise-167549">International oil prices hit </a><a class="gr-progress" href="http://www.wionews.com/business-economy/international-oil-prices-hit-four-year-high-opec-russia-resist-output-rise-167549">four-year</a><a href="http://www.wionews.com/business-economy/international-oil-prices-hit-four-year-high-opec-russia-resist-output-rise-167549"> high as OPEC, Russia resist output rise</a>

More than doubling the percentage of CIF cargoes the refiners can buy gives them much greater flexibility to take advantage of more speculative or distressed sellers who need to sell their oil quickly.

This also indicates that Indian refiners will be in a position to purchase more US oil, which is mostly available on a CIF basis, helping to compensate for the loss of Iranian oil supplies. US&nbsp;crude is currently trading at a discount of about $10 a barrel to the Brent global benchmark price.

"Basically that (the new higher limit) has increased flexibility (for us) to look at opportunities that are available around the world and buy most economic cargoes," said one source at an Indian refinery who asked not to be named.

"It was difficult for us to take advantage of the situation when traders or companies are going around with material in the ships," this source said. 
India's shipping ministry told the country's oil ministry about the move in a letter dated Sept 19.

"Advance NOC (no objection certificate) is now granted to oill marketing companies to further import crude up to 23.07 million tonnes (balance 19.52 per cent)," it said.

India has for the first time allowed state refiners to buy 35 per cent of their oil imports in tankers arranged by the seller, a document reviewed by Reuters showed, enabling them to swiftly tap cheaper cargoes.

India has for the first time allowed state refiners to buy 35 per cent of their oil imports in tankers arranged by the seller, a document reviewed by Reuters showed, enabling them to swiftly tap cheaper cargoes. The move will help refiners in Iran's second-biggest oil market to boost purchases from alternative sources as US President Donald Trump prepares to halt Iranian oil sales through a new set of sanctions from November 4. Also read: As oil forecasts call for $100, India considers cutting back crude imports The measure is part of a series of attempts by the world's third-biggest oil importer and consumer to cut its surging oil import bill in the face of rising oil prices and a weaker Indian rupee. India had previously allowed state-refiners to buy only 15.48 per cent of their estimated 118.15 million tonnes of oil imports in the current fiscal year to March 31 on a Cost, Insurance and Freight (CIF) basis, meaning the seller arranges the vessel and insurance. The rest was largely procured on a Free on Board (FOB) basis to help Indian shipping lines and insurers. Also read: International oil prices hit four-year high as OPEC, Russia resist output rise More than doubling the percentage of CIF cargoes the refiners can buy gives them much greater flexibility to take advantage of more speculative or distressed sellers who need to sell their oil quickly. This also indicates that Indian refiners will be in a position to purchase more US oil, which is mostly available on a CIF basis, helping to compensate for the loss of Iranian oil supplies. US crude is currently trading at a discount of about $10 a barrel to the Brent global benchmark price. "Basically that (the new higher limit) has increased flexibility (for us) to look at opportunities that are available around the world and buy most economic cargoes," said one source at an Indian refinery who asked not to be named. "It was difficult for us to take advantage of the situation when traders or companies are going around with material in the ships," this source said. India's shipping ministry told the country's oil ministry about the move in a letter dated Sept 19. "Advance NOC (no objection certificate) is now granted to oill marketing companies to further import crude up to 23.07 million tonnes (balance 19.52 per cent)," it said.

India eases oil import rules as it seeks to cut costs

Indian imports of oil from&nbsp;Venezuela&nbsp;have fallen to their lowest levels in over half a decade, shipping and industry data showed, as a severe economic and political crisis hits crude output in the South American OPEC member.

India&#39;s oil imports from&nbsp;Venezuela&nbsp;averaged around 300,000 barrels per day (bpd) between November, 2017 and February, 2018, a drop of about 20 per cent from the same period a year earlier and the lowest such level since 2012, according to data from shipping sources and industry.

The sources declined to be identified as they were not authorised to speak with media.

Venezuela&#39;s oil production plunged to the lowest in decades last year, with the country racked by quadruple-digit inflation, a lack of hard currency and a crippling recession.

The five-year average of&nbsp;Venezuelan crude oil to India is around 440,000 bpd, the shipping and industry data showed.

India&#39;s oil supplies continue to be dominated by Middle East members from the Organization of Petroleum Exporting Countries (OPEC), with Iraq and Saudi Arabia prominent.

Key for&nbsp;Venezuela&#39;s drop-off in shipments to India are supply obligations to other countries which, amid its overall declining output, leave fewer cargoes available for sale elsewhere.

&quot;Venezuela&nbsp;is obliged to supply barrels to China and Russia to pay back debts, so not too much is left for others, mainly India,&quot; said Ehsan Ul-Haq, director of crude oil and refined products at consultancy Resource Economist.

The sharp&nbsp;Venezuelan declines to India mark a turn-around of a previous trend.

Venezuelan oil shipments to India surged from May, 2012, when supplies from Iran hit insurance and banking hurdles caused by western sanctions against Tehran&#39;s nuclear programme.

However, New Delhi boosted purchases from Tehran after the lifting of sanctions in 2016, while a destructive cocktail of insufficient investments, payment delays to suppliers, potential U.S. sanctions and a brain drain have hammered&nbsp;Venezuela&#39;s oil industry.

&quot;Why should India buy oil from a country which is too far (away)?... Plenty of oil is easily available from nearby nations like Iraq and Iran,&quot; said Haq.

India's oil imports from Venezuela averaged around 300,000 barrels per day between November, 2017 and February, 2018

Indian imports of oil from Venezuela have fallen to their lowest levels in over half a decade, shipping and industry data showed, as a severe economic and political crisis hits crude output in the South American OPEC member. India's oil imports from Venezuela averaged around 300,000 barrels per day (bpd) between November, 2017 and February, 2018, a drop of about 20 per cent from the same period a year earlier and the lowest such level since 2012, according to data from shipping sources and industry. The sources declined to be identified as they were not authorised to speak with media. Venezuela's oil production plunged to the lowest in decades last year, with the country racked by quadruple-digit inflation, a lack of hard currency and a crippling recession. The five-year average of Venezuelan crude oil to India is around 440,000 bpd, the shipping and industry data showed. India's oil supplies continue to be dominated by Middle East members from the Organization of Petroleum Exporting Countries (OPEC), with Iraq and Saudi Arabia prominent. Key for Venezuela's drop-off in shipments to India are supply obligations to other countries which, amid its overall declining output, leave fewer cargoes available for sale elsewhere. "Venezuela is obliged to supply barrels to China and Russia to pay back debts, so not too much is left for others, mainly India," said Ehsan Ul-Haq, director of crude oil and refined products at consultancy Resource Economist. The sharp Venezuelan declines to India mark a turn-around of a previous trend. Venezuelan oil shipments to India surged from May, 2012, when supplies from Iran hit insurance and banking hurdles caused by western sanctions against Tehran's nuclear programme. However, New Delhi boosted purchases from Tehran after the lifting of sanctions in 2016, while a destructive cocktail of insufficient investments, payment delays to suppliers, potential U.S. sanctions and a brain drain have hammered Venezuela's oil industry. "Why should India buy oil from a country which is too far (away)?... Plenty of oil is easily available from nearby nations like Iraq and Iran," said Haq.

India's oil imports from Venezuela hit lowest in over five years

A hike in India&#39;s import tax on palm oil could dent overseas purchases by the world&#39;s biggest edible oil importer while making imports of soy oil and sunflower oil lucrative for the country&#39;s refiners, industry officials said.

Lower imports by such a major buyer could also weigh on prices for producers of palm oil, used in everything from soap to foodstuffs. Palm oil futures traded on the Bursa Malaysia Derivative Exchange have fallen more than 3 per cent since the duty was increased on Thursday.

In a move designed to support domestic farmers, India raised the import tax on crude palm oil to 44 per cent from 30 per cent and lifted the tax on refined palm oil to 54 per cent from 40 per cent.

&quot;Imports of soft oils are bound to increase at the cost of palm oil,&quot; Atul Chaturvedi, President of industry body Solvent Extractors Association of India told, referring to products like soy oil and sunflower oil. &quot;The biggest gainer could be sunflower oil.&quot;

Palm oil imports could drop by 500,000 tonnes in the 2017/18 marketing year that started on November 1, said Govindbhai Patel, managing director of trading firm GG Patel &amp; Nikhil Research Company. The country imported 9.3 million tonnes of palm oil in the previous marketing year.

India primarily imports palm oil from Indonesia and Malaysia, the world`s top two producers. 
&nbsp; 
Import duties on crude and refined soy oil remain 30 per cent and 35 per cent respectively. Meanwhile, crude sunflower oil carries a 25 per cent import tax, while refined sunflower oil is taxed at 35 per cent.

India imports soy oil from Argentina and Brazil, sunflower oil from Ukraine and Argentina, and canola oil from Canada.

&quot;Availability of soyoil is limited. So, large-scale substitution (of palm oil) is not possible with soy oil, but sunflower supplies are ample. Sunflower oil will replace palm oil,&quot; said a Mumbai-based dealer with a global trading firm.

Sunflower oil imports could jump to 3 million tonnes from 2.17 million tonnes a year ago, the dealer said. He spoke on condition of anonymity as he was not authorized to speak with media.

Still, industry officials said palm oil prices could correct to become competitive amid rising output.

One Kuala Lumpur-based trader now expects palm oil prices to fall to the 2,300-2,400 ringgit a tonne range. &quot;At 2,500 ringgit and above, palm is considered expensive,&quot; he said.

Palm oil output is expected to rise in line with the seasonal trend from March onwards, putting further pressure on palm oil prices as stocks are expected to build. Malaysia in January had suspended export taxes on crude palm oil for a three-month period to encourage demand and support prices.

A hike in India`s import tax on palm oil could dent overseas purchases by the world`s biggest edible oil importer while making imports of soyoil and sunflower oil lucrative for the country`s refiners

A hike in India's import tax on palm oil could dent overseas purchases by the world's biggest edible oil importer while making imports of soy oil and sunflower oil lucrative for the country's refiners, industry officials said. Lower imports by such a major buyer could also weigh on prices for producers of palm oil, used in everything from soap to foodstuffs. Palm oil futures traded on the Bursa Malaysia Derivative Exchange have fallen more than 3 per cent since the duty was increased on Thursday. In a move designed to support domestic farmers, India raised the import tax on crude palm oil to 44 per cent from 30 per cent and lifted the tax on refined palm oil to 54 per cent from 40 per cent. "Imports of soft oils are bound to increase at the cost of palm oil," Atul Chaturvedi, President of industry body Solvent Extractors Association of India told, referring to products like soy oil and sunflower oil. "The biggest gainer could be sunflower oil." Palm oil imports could drop by 500,000 tonnes in the 2017/18 marketing year that started on November 1, said Govindbhai Patel, managing director of trading firm GG Patel & Nikhil Research Company. The country imported 9.3 million tonnes of palm oil in the previous marketing year. India primarily imports palm oil from Indonesia and Malaysia, the world`s top two producers. Import duties on crude and refined soy oil remain 30 per cent and 35 per cent respectively. Meanwhile, crude sunflower oil carries a 25 per cent import tax, while refined sunflower oil is taxed at 35 per cent. India imports soy oil from Argentina and Brazil, sunflower oil from Ukraine and Argentina, and canola oil from Canada. "Availability of soyoil is limited. So, large-scale substitution (of palm oil) is not possible with soy oil, but sunflower supplies are ample. Sunflower oil will replace palm oil," said a Mumbai-based dealer with a global trading firm. Sunflower oil imports could jump to 3 million tonnes from 2.17 million tonnes a year ago, the dealer said. He spoke on condition of anonymity as he was not authorized to speak with media. Still, industry officials said palm oil prices could correct to become competitive amid rising output. One Kuala Lumpur-based trader now expects palm oil prices to fall to the 2,300-2,400 ringgit a tonne range. "At 2,500 ringgit and above, palm is considered expensive," he said. Palm oil output is expected to rise in line with the seasonal trend from March onwards, putting further pressure on palm oil prices as stocks are expected to build. Malaysia in January had suspended export taxes on crude palm oil for a three-month period to encourage demand and support prices.

India's tax hike to slash palm oil imports, boost soy oil, sunflower oil buying

Imports of crude oil by Iran&#39;s four major buyers in Asia in September jumped more than 70 per cent from a year ago as the producer continued to recoup market share lost under sanctions.

Iran&#39;s top four Asian buyers, China, Japan, India and South Korea, imported nearly 1.8 million barrels per day (bpd) in September, government and ship-tracking data showed. That is down from the highest level in at least 5-1/2 years in August.

But oil-purchase arrivals could rise again in October, with Asian buyers loading 1.83 million bpd of crude oil and condensate this month and about 1.96 million bpd in September, according to a source with knowledge of Iran&#39;s tanker schedules.

Economic sanctions targeting the OPEC member&#39;s disputed nuclear programme were lifted in January. Tehran has been battling to raise its output and export levels since then back to where they were before toughened sanctions went into force in early 2012.

Japan&#39;s trade ministry on Monday released official data showing its imports rose 80 per cent from a year earlier to nearly 313,000 bpd in September.

India&#39;s imports more than doubled from a year earlier to 552,200 bpd, down from 575,900 bpd in August, the highest in at least 15 years.

Imports by South Korea also more than doubled, while Chinese imports were up by 18 per cent.

(Reuters) 
&nbsp;

Iran has been battling to raise its oil export levels since economic sanctions on the OPEC member's nuclear project were lifted in January

Imports of crude oil by Iran's four major buyers in Asia in September jumped more than 70 per cent from a year ago as the producer continued to recoup market share lost under sanctions. Iran's top four Asian buyers, China, Japan, India and South Korea, imported nearly 1.8 million barrels per day (bpd) in September, government and ship-tracking data showed. That is down from the highest level in at least 5-1/2 years in August. But oil-purchase arrivals could rise again in October, with Asian buyers loading 1.83 million bpd of crude oil and condensate this month and about 1.96 million bpd in September, according to a source with knowledge of Iran's tanker schedules. Economic sanctions targeting the OPEC member's disputed nuclear programme were lifted in January. Tehran has been battling to raise its output and export levels since then back to where they were before toughened sanctions went into force in early 2012. Japan's trade ministry on Monday released official data showing its imports rose 80 per cent from a year earlier to nearly 313,000 bpd in September. India's imports more than doubled from a year earlier to 552,200 bpd, down from 575,900 bpd in August, the highest in at least 15 years. Imports by South Korea also more than doubled, while Chinese imports were up by 18 per cent. (Reuters)

Asia's September imports of Iranian oil rise 73% from last year

India&#39;s&nbsp;oil&nbsp;imports&nbsp;from Iran fell 3.5 per cent in&nbsp;May&nbsp;from April&nbsp;as Mangalore Refinery and Petrochemicals Ltd(MRPL) cut purchases because of the&nbsp;shutdown of some&nbsp;units&nbsp;at its plant.

Indian refiners took about 379,200 barrels per day (bpd) of&nbsp;Iranian&nbsp;oil&nbsp;in&nbsp;May, down 13,700 bpd from the 392,900 bpd imported in April, according to preliminary tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal.

May&nbsp;shipments were 3 per cent higher than the 368,000 bpd taken in during the same time a year ago, the data showed.

Last month,&nbsp;MRPL&nbsp;shut&nbsp;a 60,000 bpd crude distillation unit, a coker and a diesel hydrotreater, along with some other&nbsp;units&nbsp;because of an acute water shortage in the state of Karnataka where its refinery is located. This caused&nbsp;MRPL&#39;s&nbsp;imports&nbsp;of&nbsp;Iranian&nbsp;crude to drop to 58,000 bpd from about 110,200 bpd in April.

India&#39;s&nbsp;oil&nbsp;imports&nbsp;from Iran are expected to surge in the coming months when refiners Hindustan Petroleum Corp and Bharat Petroleum Corp begin lifting Iranian&nbsp;oil.

India&#39;s state-owned and private refiners together are expected to buy at least 400,000 bpd in the year that began April 1, a seven-year high, industry sources said early last month.

In the first two months of this fiscal year, Indian refiners shipped in about 386,000 bpd of&nbsp;Iranian oil, a jump of 21.8 per cent from a year ago, the data show.

In&nbsp;May, Essar&nbsp;Oil&nbsp;continued to be the biggest Indian importer of&nbsp;Iranian&nbsp;oil, taking about 190,000 bpd. Reliance Industries Ltd resumed&nbsp;imports&nbsp;from Iran after skipping them in April, taking about 100,000 bpd.

Reliance resumed&nbsp;imports&nbsp;from Iran in March after a gap of about six years.

Indian&nbsp;Oil&nbsp;Corp shipped in about 31,000 bpd of&nbsp;Iranian&nbsp;oil&nbsp;last month.

In the first five month of 2016, India&#39;s&nbsp;oil&nbsp;imports from Iran&nbsp;have surged about 64.5 per cent to 334,100 bpd, the data showed, in comparison with 203,100 bpd in the same period last year.

India reduces oil purchases from Iran by 3.5 per cent in May as Mangalore Refinery and Petrochemicals Ltd close down partially

India's oil imports from Iran fell 3.5 per cent in May from April as Mangalore Refinery and Petrochemicals Ltd(MRPL) cut purchases because of the shutdown of some units at its plant. Indian refiners took about 379,200 barrels per day (bpd) of Iranian oil in May, down 13,700 bpd from the 392,900 bpd imported in April, according to preliminary tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal. May shipments were 3 per cent higher than the 368,000 bpd taken in during the same time a year ago, the data showed. Last month, MRPL shut a 60,000 bpd crude distillation unit, a coker and a diesel hydrotreater, along with some other units because of an acute water shortage in the state of Karnataka where its refinery is located. This caused MRPL's imports of Iranian crude to drop to 58,000 bpd from about 110,200 bpd in April. India's oil imports from Iran are expected to surge in the coming months when refiners Hindustan Petroleum Corp and Bharat Petroleum Corp begin lifting Iranian oil. India's state-owned and private refiners together are expected to buy at least 400,000 bpd in the year that began April 1, a seven-year high, industry sources said early last month. In the first two months of this fiscal year, Indian refiners shipped in about 386,000 bpd of Iranian oil, a jump of 21.8 per cent from a year ago, the data show. In May, Essar Oil continued to be the biggest Indian importer of Iranian oil, taking about 190,000 bpd. Reliance Industries Ltd resumed imports from Iran after skipping them in April, taking about 100,000 bpd. Reliance resumed imports from Iran in March after a gap of about six years. Indian Oil Corp shipped in about 31,000 bpd of Iranian oil last month. In the first five month of 2016, India's oil imports from Iran have surged about 64.5 per cent to 334,100 bpd, the data showed, in comparison with 203,100 bpd in the same period last year.

India's oil imports from Iran dip in May

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