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
May 29,2020

Washington, May 29: US President Donald Trump while speaking with reporters at the White House on Thursday said that he is more liked in India than the media in his own country --the United States.

"I know. And they like me in India. I think they like me in India certainly more than the media likes me in this country, " Trump told reporters at his Oval office.

"And I like Modi (Prime Minister Narendra Modi). I like your prime minister a lot. He's a great gentleman. A great gentleman," he added further while briefing the reporters.

But when asked over ties between India and China, the US President said, "They have a big conflict going with India and China. Two countries with 1.4 billion people. Two countries with very powerful militaries. And India is not happy, and probably China is not happy."

Reiterating his offer to mediate between India and China on the border issue, Trump said that he spoke to Prime Minister Narendra Modi, who is not in "good mood" about the ongoing situation with Beijing.

However, informed sources from the Ministry of External Affairs told ANI on Friday that there has been no recent contact between Prime Minister Modi and the US President. The last conversation between them took place on April 4, 2020, on the subject of hydroxychloroquine.

Asked about his Wednesday's tweet regarding his offer to mediate between India and China, Trump said, "I would do that. If they (China and India) thought it would help." However, Trump did not clarify when did he speak to Modi.

Trump on Wednesday tweeted that he is "ready, willing and able to mediate" between India and China."We have informed both India and China that the United States is ready, willing and able to mediate or arbitrate their now raging border dispute," the US President said.

In response to Trump's mediation offer, India said on Thursday that it is engaged with the Chinese side to resolve the border issue peacefully.

India's Ministry of External Affairs spokesperson Anurag Srivastava said that the two sides have established mechanisms both at military and diplomatic levels to resolve situations that may arise in border areas peacefully through dialogue and "continue to remain engaged through these channels."

Indian and Chinese field commanders have been holding talks on de-escalating the tensions.

China has also struck a conciliatory tone on the border issue with India, saying the two countries pose no threat to each other and should resolve their differences through communication, while not allowing them to overshadow bilateral relations.

"We should never let differences overshadow our relations. We should resolve differences through communication. China and India should be good neighbours of harmonious coexistence and good partners to move forward hand in hand," said Chinese Ambassador to India, Sun Weidong, on Wednesday.

The tensions escalated between India and China following a number of confrontations between soldiers of both armies.

Troops of India and China were engaged in two face-offs in Eastern Ladakh and North Sikkim along the disputed Line of Actual Control (LAC), where troops from both sides suffered injuries early this month.

Studies over the anti-malarial drug, which is believed to cure the highly contagious coronavirus, have shown side-effects, according to the Centers for Disease Control and Prevention and the World Health Organisation. But Trump continues to defend his decision to take hydroxychloroquine saying he believes that it gives an additional level of safety.

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News Network
July 2,2020

Los Angeles, Jul 2: New daily coronavirus cases in the United States soared past 50,000 for the first time Wednesday, as the World Health Organization delivered a grave warning that the global pandemic is accelerating.

Restaurants, bars and beaches in the world's worst-hit nation closed from California to Florida, as states reeling from yet another surge in the deadly virus braced for Independence Day festivities.

Global infections have hit their highest level in the past week, WHO data showed, with chief Tedros Adhanom Ghebreyesus saying new cases topped "160,000 on every single day."

The grim milestone came as the European Union left the United States, Brazil and Russia off its final list of nations safe enough to allow residents to enter its borders.

With more than 52,000 new COVID-19 cases in the United States alone in the past 24 hours, according to a Johns Hopkins University tally, several US states imposed 14-day quarantines on visitors in the buildup to the long weekend's July 4 celebrations.

California suspended indoor dining at restaurants in Los Angeles and several counties, while New York scrapped plans to allow restaurants to seat customers inside from next week.

President Donald Trump reiterated his belief that the contagion will "at some point... sort of just disappear, I hope."

But the US leader who has yet to be seen in public wearing a face mask during the pandemic added he would have "no problem" doing so.

EU travel ban eased

The rollbacks came as the European Union reopened its borders to visitors from 15 countries.

The bloc hopes relaxing restrictions on countries from Algeria to Uruguay will breathe life into its tourism sector, choked by a ban on non-essential travel since mid-March.

Travelers from China, where the virus first emerged late last year, will be allowed to enter the EU only if Beijing reciprocates.

And Brazil -- which has suffered the most deaths globally for the last week, and is the second-worst affected country overall -- was excluded entirely.

It topped 60,000 total fatalities Wednesday, after suffering 1,000 deaths in just 24 hours.

However, with over 10 million known infections worldwide and more than 500,000 deaths, the pandemic is "not even close to being over", the WHO warned.

Data provided by the UN health agency for the seven days from June 25-July 1 showed the highest number of new daily cases ever recorded came on June 28, when over 189,500 new cases were registered worldwide.

'Dutch brothels reopen'

According to the United Nations, the coronavirus crisis could cost global tourism and related sectors from $1.2 to $3.3 trillion in lost revenue.

Greece, which has suffered fewer than 200 virus deaths, has seen its economy hit hard by lockdowns and travel restrictions -- all but ending its lucrative tourism season before it began.

Romanian Cojan Dragos was "the first tourist" in one Corfu hotel after driving there with his wife and daughter.

"We have the whole hotel just for us," he told news agency.

Separately, Spain and Portugal held a ceremony as they reopened their land border.

The Netherlands also confirmed the reopening Wednesday of another tourist draw -- its brothels and red-light districts.

"I'm totally booked," said sex worker Foxxy, adding that she had held a "little party" when she heard restrictions would be lifted.

Clusters spur new lockdowns

Russia did not make the EU's list of approved countries so its citizens will be absent from the bloc's tourist hot-spots.

The country, however, enjoyed a public holiday Wednesday as it voted in a referendum to approve constitutional changes allowing President Vladimir Putin to stay in power for another 16 years.

Putin was forced to postpone the vote in April as his government tackled an outbreak that has infected almost 650,000 people -- the third-highest in the world.

In other countries, clusters are still causing problems.

Parts of the Australian city of Melbourne suffered sharp rises in infections, spurring new stay-at-home measures.

The Palestinian Authority announced a five-day lockdown across the West Bank after a surge in confirmed cases.

And textile factories in the central British city of Leicester were suggested as the reason for a spike in infections that has prompted the reimposition of local restrictions.

Americas spike

In the United States, spikes across southern and western states are driving a surge in national infections.

Texas, which again smashed its daily COVID-19 record with over 8,000 new cases, joined Florida and California in closing some beaches for the upcoming holiday weekend.

Apple announced it would close another 30 US stores on Thursday, half of them in California.

A further 700 deaths nationwide took the US past 128,000 deaths in total.

The Pan American Health Organization warned that the death count in Latin America and the Caribbean could quadruple to more than 400,000 by October without stricter public health measures.

The US government announced this week it had bought 92 percent of all remdesivir production -- the first drug to be shown to be relatively effective in treating COVID-19.

Britain and Germany, however, said Wednesday they had sufficient stocks of the drug.

'Corona baby'

In Britain, some 1,500 acts from Ed Sheeran and Coldplay to Paul McCartney and The Rolling Stones urged the county's government to save the live music industry, which has been collapsing because of the coronavirus.

But while lockdown measures have been a disaster for many, some have welcomed the chance to spend more quality time with hard-working partners.

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News Network
April 29,2020

Apr 29: US President Donald Trump doubled down on China for failing to tame the coronavirus at its very origin, saying it has led to 184 countries "going through hell", as several American lawmakers demanded steps to reduce dependence on Beijing for manufacturing and minerals.

Trump has been publicly blaming China for the global spread of the "invisible enemy" and launched an investigation against it. He has also indicated that the US may be looking at "a lot more money" in damages from China than the USD 140 billion being sought by Germany from Beijing for the pandemic.

Leaders of the US, the UK and Germany believe that the deaths and the destruction of the global economy could have been avoided, had China shared the information about the virus in its early phases.

"It's in 184 countries, as you hear me say often. It's hard to believe. It's inconceivable," Trump told reporters at White House Tuesday. "It should have been stopped at the source, which was China. It should have been stopped very much at the source, but it wasn't. And now we have 184 countries going through hell.”

The virus, which originated in China's Wuhan city in mid-November, has killed more than two lakh people and infected over three million globally. The largest number of them are in the US: nearly 59,000 deaths and over one million infections.

The massive outbreak in the US has put Trump under increasing pressure from American lawmakers to decrease US dependence on Beijing and they have also sought compensation from China.

Senator Ted Cruz and his colleagues have urged Defence Secretary Mark Esper and Interior Secretary David Bernhardt to support the development of a fully domestic supply chain of rare earths and other minerals that are critical for manufacturing defence technologies and supporting national security.

“It is clear that our dependence on China for vital rare earths threatens our US manufacturing and defence-industrial base. As the October 2018 Defence Industrial Base Report states: ‘China represents a significant and growing risk to the supply of materials deemed strategic and critical to US national security.' [...] Ensuring a US supply of domestically sourced rare earths will reduce our vulnerability to supply disruptions that poses a grave risk to our military readiness," the Senators wrote.

The US is 100 percent import-dependent for rare earths as well as 13 other metals and minerals on the US Government Critical Minerals List and more than 75 percent import reliant for an additional 10 minerals.

Congressman Brian Mast on Tuesday introduced a legislation to hold China accountable for its "coronavirus deception". The resolution would empower the US to withhold payments on debts owed to China equal to the costs incurred by the US in response to COVID-19.

“China's total lack of transparency and mishandling of the coronavirus outbreak has cost tens of thousands of lives, millions of jobs and left untold economic destruction. Congress must hold China accountable for their cover-up and force them to pay back the taxpayer dollars that have been spent as a result,” Mast said.

Cruz, member of the Senate Foreign Relations Committee, announced his intention to introduce a legislation to cut off Hollywood studios from assistance they receive from the Department of Defence if those studios censor their films for screening in China.

This legislation is part of Sen. Cruz's comprehensive push to combat China's growing influence over what Americans see and hear, which includes legislation targeting information warfare from the Chinese Communist Party across higher education, sports, films, radio broadcasts, and more.

Indian-American Congressman Ami Bera and Congressman Ted S. Yoho, both members of the House Foreign Affairs Committee, will lead a bipartisan virtual Special Order to highlight the importance of US global leadership during the COVID-19 pandemic.

“If we abdicate our place as a leader in global health, there is another country eager to take the reins. China has not been subtle in asserting itself on global health issues, and often not for the benefit of other nations. China's recent coronavirus debacle should be evidence enough that their communist regime cannot be trusted to lead with accountability, transparency, or pragmatism, traits that are essential when fighting widespread disease,” Yoho said.

“As for how China would fare as a global health leader, look no further than the disastrous initial response by the WHO to coronavirus, one that was clearly influenced by Beijing. Information was slow-walked, warnings from nations like Taiwan were ignored at crucial turning points, and cooperation with outside health experts was spurned until it was too late. And it has resulted in the largest public health disaster the world has seen in over a century,” he said.

In an interview to Fox News, Senator Marco Rubio alleged that if China had acted when those warnings were being made, instead of silencing the people that were talking about it, they could have limited the spread.

“So there was no doubt that that was a deliberate decision made on their part. The one way to hold them accountable is to do what we should be doing anyway. That is moving the means of production to become less and less dependent upon them. What you're going to see after this pandemic is that more and more countries are going to prioritize their healthcare manufacturing capabilities and other industries,” he said.

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