India should reduce or stop crude oil import from Iran: Moody’s Back to News & Events List


Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing their dependence on other West Asian suppliers such as Saudi Arabia and Iraq, Moody’s Investors Service said on Thursday.

US President Donald Trump earlier this week in a speech to the United Nation’s General Assembly reiterated sanctions on Iranian oil exports will take effect on November 5 and that the US is working with countries that import Iranian oil to cut their purchases substantially.

India is the second largest buyer of Iranian crude after China, accounting for about 30 per cent of total crude exports from the Persian Gulf nation during April-August 2018.

Indian refineries, which import over 80 per cent of their crude feedstock from overseas, sourced about 14 per cent of their imports from Iran. “We expect Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month or so.

“As a result, Indian refiners will increase dependence on the remaining West Asian oil suppliers (mainly Saudi Arabia and Iraq), aside from Iran,” Moody’s said.

Source: PTI


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