Moody's advice: Indian refinery companies should stop importing crude oil from Iran
Friday - September 28, 2018 3:12 pm ,
Category : WTN SPECIAL
India is Iran's second biggest oil buyer
Import crude oil from Saudi Arabia or Iraq: Moody's
SEP 28 (WTN) - The US sanctions on import of oil from Iran is going to begin from November. In such a situation, Moody's Investor Service has expressed the opinion that Indian refinery companies should reduce the import of crude oil from Iran during the next month or should be closed altogether. Moody's has advised that India should increase dependency on Saudi Arabia and Iraq for the import of crude oil.
For your information let you know that US President Donald Trump, during his address at the United Nations General Assembly this week, said that the ban on Iranian oil exports would be effective from November 5. Trump said, "America is working with countries that are importing Iranian oil, so that these countries can significantly reduce their purchases from Iran."
As you know, after China, India is the second largest buyer of crude oil from Iran. During the April-August, 2018, India's share of total crude oil exported from Iran has been around 30 per cent. Due to sanctions, Iranian crude oil is sold two to four dollars per barrel in cheaply compared to other crude oil grades in West Asia. Iran's national oil company also provides subsidy on transportation costs in the supply of crude oil. At the same time, it also facilitates buyers for post payments.
For your information let you know that companies like Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Reliance Industries, Nayara Energy and Mangalore Refinery and Petrochemicals import Iranian crude oil in India. Now it is necessary to see how long after the Moody's advice, India's oil refinery companies stop importing crude oil from Iran and then which countries are contracting for crude oil.
SEP 28 (WTN) - The US sanctions on import of oil from Iran is going to begin from November. In such a situation, Moody's Investor Service has expressed the opinion that Indian refinery companies should reduce the import of crude oil from Iran during the next month or should be closed altogether. Moody's has advised that India should increase dependency on Saudi Arabia and Iraq for the import of crude oil.
For your information let you know that US President Donald Trump, during his address at the United Nations General Assembly this week, said that the ban on Iranian oil exports would be effective from November 5. Trump said, "America is working with countries that are importing Iranian oil, so that these countries can significantly reduce their purchases from Iran."
As you know, after China, India is the second largest buyer of crude oil from Iran. During the April-August, 2018, India's share of total crude oil exported from Iran has been around 30 per cent. Due to sanctions, Iranian crude oil is sold two to four dollars per barrel in cheaply compared to other crude oil grades in West Asia. Iran's national oil company also provides subsidy on transportation costs in the supply of crude oil. At the same time, it also facilitates buyers for post payments.
For your information let you know that companies like Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Reliance Industries, Nayara Energy and Mangalore Refinery and Petrochemicals import Iranian crude oil in India. Now it is necessary to see how long after the Moody's advice, India's oil refinery companies stop importing crude oil from Iran and then which countries are contracting for crude oil.
