India buying Iran oil in defiance of Trump sanctions
India buying Iran oil in defiance of Trump sanctions
It was the first time a US official said the administration was in the process of considering waivers
08 October, 2018, 12:56
Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore, said there was also "chatter that Saudi Arabia has replaced all of Iran's lost oil".
The United States has said it plans to impose new sanctions targeting Iran's oil sector on November 4 with the aim of stopping the country's involvement in conflicts in Syria and Iraq, and bringing the Islamic Republic to the negotiating table for its ballistic missile programme.
The sources declined to be identified as they were not authorised to speak to the media. Rising costs and pipeline bottlenecks in the nation's largest oil field have hindered new drilling since June. The oil price now stands at just over $84. The U.S. State Department continues to ask for OPEC to tap its reserve supplies. Meanwhile, the remaining parties to the 2015 nuclear deal-namely, Britain, France, Germany, Russia and China-have vowed to circumvent the American restrictions through the creation of a "special objective vehicle" that could include a mechanism for bartering goods for Iranian oil.
The Iranian vice-president for legal affairs has called on the Health Ministry and other governmental bodies to provide the International Court of Justice (ICJ) with cases of the USA violation of the ICJ's decision on Tehran-Washington dispute.
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In its lawsuit against the U.S., the Islamic Republic of Iran argued that the sanctions violate the terms of the 1955 Treaty of Amity between Iran and the U.S. It also called on the court to order the U.S. government to immediately stop its destructive measures. Since the ICJ ordered sanctions revoked, Boeing should be able to move forward with deliveries to Iran Air, which were set to begin earlier this year. Indeed, knowing that the Saudis were already pushing up their output at the U.S.' behest, it is possible that Russian Federation wanted to cement its key role in this newly emerging "OPEC of two".
Khamenei's comments came prior to the date of US President Donald Trump's second batch of sections against Tehran, expected next November 4. Two months later, Iran asked the court to demand the US lift sanctions against it.
In this context, the Indian public sector oil firms have been contracting Iran for the next month to import crude oil. The kingdom is willing to tap all of its spare capacity, Mr Al-Falih said.
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Former President Lee Myung-bak walks towards the Seoul Central District Court to attend his corruption trial on September 6, 2018. The court also ruled he accepted 5.9 billion won in bribes from Samsung Electronics Co.in the form of retaining fees for DAS.
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Editor's Take | RBI policy: Tough choices for MPC
Foreign institutional investors remained net sellers, offloading equities worth Rs 3,370.14 crore Friday, provisional data showed. The yield on the benchmark of the 10-year bond slipped by 10 basis points to settle at 8.05 percent during the trading session.