India's Iran oil purchases to fade ahead of US sanctions

Agencies
September 14, 2018

Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November.

India's loadings from Iran for this month and next will drop to less than 12 million barrels each, after purchases over April-August had been boosted in anticipation of the reductions.

The United States is renewing sanctions on Iran after withdrawing from a nuclear deal forged in 2015 between Tehran and world powers. Washington reimposed some of the financial sanctions from August 6, while those affecting Iran's petroleum sector will come into force from November 4.

India, Iran's No.2 oil client behind top buyer China, does not recognise the reimposed US sanctions, but winning a waiver from the restrictions is a must for New Delhi to protect its wider exposure to the US financial system.

India's oil ministry in June told refiners to prepare for a "drastic reduction or zero" imports from Iran from November.

"Some refiners have either already exhausted or front-loaded their term contract to a large extent, which allows them the flexibility to go to zero if required, or until clarity on the waivers emerge," Amrita Sen, chief oil analyst at Energy Aspect, told Reuters.

Washington will consider waivers for Iranian oil buyers such as India but they must eventually halt crude imports from Tehran, US Secretary of State Mike Pompeo said last week in New Delhi after a meeting of high level officials.

The Indian government, already facing a backlash over a falling rupee and record high fuel prices, does not want to halt the oil imports from Iran as the Islamic republic offers a discount on oil sales to India.

Government sources said India made this point clear in last week's meetings with US officials and remains engaged with Washington to work out waivers on its oil purchases from Iran.

"We have a special relationship with both the US and with Iran, and we are seeing how to balance this all, and also to balance out the interest of the refiners and end-consumers," said one of the government officials.

But if Washington adopts a tough line, India would have no other choice than to end imports from Iran, they said.

Cutting imports nearly in half

India lifted about 658,000 barrel of oil per day (bpd) from Iran in April-August, according to data obtained from trade sources by Reuters, and the cuts projected for September and October would drop the daily average over those two months by about 45 percent to 360,000-370,000 bpd.

Indian oil refiners have already given the October loading plans to the National Iranian Oil Co (NIOC), sources familiar with the loading schedule said.

Top refiner Indian Oil Corp wants to lift 6 million barrels each in September and October, while Mangalore Refinery and Petrochemicals would load 3 million barrels each for those two months, the sources said.

IOC would also lift 1 million barrel for its subsidiary Chennai Petroleum Corp in October, they said.

Bharat Petroleum Corp would lift 1 million barrels in September and skip purchases in October, a company source said on Tuesday.

Bharat Petroleum has already drawn more than its fixed volumes - the amount it is obligated to purchase - that were contracted for 2018/19, its chairman said on Tuesday.

Nayara Energy, part owned by Russian oil giant Rosneft, plans to lift 1 million barrels each in September and October, the sources said. But the refiner began reducing its oil imports from Iran in June and aims to completely halt purchases from November.

Hindustan Petroleum, Reliance Industries and HPCL Mittal Energy (HMEL) have no plans to buy from Iran in September and October, they said.

India refiners - excluding Reliance and HMEL, which do not have term contracts with Iran - will together lift about 73 percent of their fixed contract volumes from Iran by end-October, the loading data showed.

IOC, Nayara and MRPL did not respond to Reuters' emails seeking comments.

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News Network
April 18,2020

Washington, Apr 18: The United States on Friday passed 700,000 confirmed coronavirus cases, according to a tally maintained by Johns Hopkins University.

With the highest number of cases and deaths of any country in the world, the US had recorded 700,282 cases of COVID-19 and 36,773 deaths as of 8:30 pm (0030 GMT Friday), according to the Baltimore-based university.

That marked an increase of 3,856 deaths in the past 24 hours, but that figure likely includes "probable" virus-linked deaths, which had not previously been counted.

This week, New York City said it would add 3,778 "probable" virus deaths to its official count.

The US Centers for Disease Control and Prevention gave a toll Friday night of 33,049 dead, including 4,226 probable virus-linked deaths.

The United States has seen the highest death toll in the world in the coronavirus pandemic, ahead of Italy (22,745 deaths) although its population is just a fifth of that of the US.

Spain has recorded 19,478 deaths, followed by France with 18,681.

Trump announces $19 billion relief for farmers amid COVID-19 epidemic

President Donald Trump on Friday announced a $19 billion financial rescue package to help the agriculture industry weather the staggering economic downturn sparked by measures to defeat the coronavirus.

Trump told a press conference the government "will be implementing a $19 billion relief program for our great farmers and ranchers as they cope with the fallout of the global pandemic."

The program will include direct payments to farmers, ranchers and producers who Trump said have experienced "unprecedented losses during this pandemic."

Agriculture Secretary Sonny Perdue said US farmers have been hit hard by a sharp shift in demand, as schools and restaurants close and more Americans eat at home.

That has disrupted the food supply chain, forcing farmers in many places to destroy dairy output and plow under crops that no longer have buyers.

"Having to dump milk and plow under vegetables ready to market is not only financially distressing, but it's heartbreaking as well to those who produce them," Perdue said.

Perdue said some $3 billion of the money would go to buying produce and milk from such farmers, and redistribute it to community food banks.

Millions of Americans have recently turned to food pantries for meals and groceries after losing their jobs.

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Agecnies
July 13,2020

Moscow, Jul 13: Russia has become the first nation to complete clinical trials of a COVID-19 vaccine on humans. Chief researcher Elena Smolyarchuk, who heads the Center for Clinical Research on Medications at Sechenov University, told Russian news agency TASS on Sunday that the human trials for the vaccine have been completed at the university and the volunteers will be discharged soon.

"The research has been completed and it proved that the vaccine is safe. The volunteers will be discharged on July 15 and July 20," Smolyarchuk was quoted as saying in the report.

Though the results have been favourable with respect to the medication’s effectiveness, no further information was provided on when this vaccine would enter commercial production stage.

Russia had allowed clinical trials of two forms of a potential COVID-19 vaccine developed by the Gamaleya National Research Center for Epidemiology and Microbiology on June 18.

The first vaccine, in the form of a solution for intramuscular administration, was carried out at the Burdenko Military Hospital.

Another vaccine, in the form of a powder for the preparation of a solution for intramuscular administration, was carried out at Sechenov First Moscow State Medical University.

The first stage of research on the vaccine at Sechenov University involved a group of 18 volunteers and the second group involved 20 volunteers.

After vaccination, all volunteers were expected to remain in isolation in a hospital for 28 days.

Earlier, results of the COVID-19 vaccine tests performed on a group of volunteers in Russia showed that they were developing immunity to the coronavirus.

"The data obtained by the Gamalei National Research Center for Epidemiology and Microbiology, proves that volunteers of the first and second groups are forming an immune response after injections of the vaccine against the coronavirus," according to an earlier statement from the Russian Defense Ministry.

Russia has reported 719,449 cases and 11,188 deaths to date.

There are at least 21 vaccines currently under key trials, according to the World Health Organisation (WHO).

The overall number of global COVID-19 cases crossed 12.9 million, while the deaths have increased to more than 5,69,000, according to Johns Hopkins University in the US.

As of Monday morning, the total number of cases stood at 1,29,10,357, while the fatalities rose to 5,69,128.

The US accounted for the world's highest number of infections at over 33 lakh. Brazil came in the second place with over 18 lakh infections. India is third worst affected with over 8.7 lakh people reported to have COVID-19.

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News Network
March 6,2020

Beijing, Mar 6: World health officials have warned that countries are not taking the coronavirus crisis seriously enough, as outbreaks surged across Europe and in the United States where medical workers sounded warnings over a "disturbing" lack of hospital preparedness.

The World Health Organization warned Thursday that a "long list" of countries were not showing "the level of political commitment" needed to "match the level of the threat we all face".

"This is not a drill," WHO chief Tedros Adhanom Ghebreyesus told reporters.

"This epidemic is a threat for every country, rich and poor."

Tedros called on the heads of government in every country to take charge of the response and "coordinate all sectors", rather than leaving it to health ministries.

What is needed, he said, is "aggressive preparedness."

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