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India Stop Buying Oil from Iran after US waiver ends - Newspot

India Stop Buying Oil from Iran after US waiver ends - Newspot


India to stop buying oil from Iran


Details


These are not new Sanctions- only  old sanction waiver has ended.


In November 2018, the united states officially reinstated all sanctions against Iran that were Previously lifted before the U.S. withdrew from the  " JCPOA".


The US announced the sanctions in November but some countries got temporary waivers that allowed them to import Iranian oil. Washington now says those waivers, which mainly affect Italy, Greece , Japan , South Korea , Taiwan,  china, India ,  and Turkey will expire on May 2.




why U.S. Doesn't Want India to Import oil from IRAN ?


India is the 3rd largest consumer of oil in the world and to meet this demand it have to "import 85% of crude oil" and 34% of natural gas from other countries. 

SO, USA says that this is all because they want to Punish Iran.



China, Turkey Slam End of US waiver


In Beijing, chinese foreign ministry spokes person Geng shrang said that " China Consistently opposes US unilateral Sanctions".


"The Chinese government is committed to Protecting the legitimate rights and interests of Chinese enterprises" , he asserted , adding that US action will create turmoil in Middle-East and international energy Market.



Negative Impact on Indian Economy


When Trump first pulled out of the nuclear deal, oil shot up to over $ 85 dollars  a barrel and it fell to near  $ 50 dollars after the US administration unexpectedly granted the waivers. And if the value of crude oil will in crease then for few countries it will be very good but it is not good for countries like India. who are importing the oil that the bill of oil will increase which will not be good for India.



The U.S. Offer


As per the reports, US could offer trade concessions on oil exports that are on par with those offered by Iran.

The latter currently offers India Players - Indian oil corporation, Mangalaore Refinery and Petrochemicals (MRPL) and Nayara Energy  (Formerly Essar oil) cheaper freight and a 60-days credit period.


India also stands to gain the most from this move as US shale oil is competitively priced in comparison to crude oil from Gulf countries.


In fact, the price differential between Brent and Dubai crude has narrowed and despite the higher transportation charges is still attractively priced.


If Us were to offer a  $ 2-4 per barrel discount against Dubai crude, if would be enough to cover  India's freight costs.



Notes

Iran , for its Part, remained dismissive. Tehran again condemned the US sanctions as illegal, while its "Islamic revolutionary guard corps" threatend to block the strait of Hormuz, avital Passageway for nearly 20% of the world's crude and refined products.


Why is India Helping USA ?

Behind this there are many reasons that like recently in last 3 to 4 years USA  had became  a very closed Partner of India. That recently after Phulwama Attack US stand strongly with India everywhere. And in field of "NSG" USA  is trying that India take his entry in it. 

And USA is Planning to build six Power plant in field of Energy that "six nuclear Power plants" was Planned to build by USA in India.


So, over all matter is that USA and India is now becoming slowly a very good friend and so both are supporting each other.








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