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U.S. ends waiver for India on Iran oil

U.S. ends waiver for India on Iran oil

The U.S. will not renew exemptions from its sanctions for importing oil from Iran, U.S. Secretary of State Mike Pompeo announced on 22 April.

The exemptions were granted last November for a 180-day period for India and seven other countries, and are due to expire on May 2.

Who will be impacted?

India, China and U.S. allies Japan, South Korea and Turkey will be the most impacted by the non-renewal of waivers.

The other three currently exempted countries — Italy, Greece and Taiwan — have already reduced their imports to zero.

Impact on India

India, which is the second biggest purchaser of Iranian oil after China, had agreed to restrict its monthly purchase to 1.25 million tonne or 15 million tonne in a year (300,000 barrels per day), down from 22.6 million tonne (452,000 barrels per day) bought in the 2017-18 financial year.

The world's third biggest oil consumer, India meets more than 80 per cent of its oil needs through imports.

Iran is its third largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of its total needs.

US: Getting the Benefit

The sanctions have provided the U.S. an opportunity to put more of its own crude on the market. U.S. crude production was 1.6 million bpd higher than it was in 2017, and an additional 1.5 million bpd is expected in 2019

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