India Delays Oil Order From Iran For May

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Post the United States (U.S.,) strengthening its stand on the sanctions given to Iran, India also reportedly delayed placing an order from the Country for the month of May.

In November 2018, United States President Donald Trump pulled out of the 2015 nuclear deal between the United States and Iran and renewed the sanctions.

However, the United States said, the other countries involved in the deal have a six months waiver to get out of the deal, thereby letting India import oil from Iran till May.

According to the 2015 nuclear deal, India was allowed to buy 9 million barrels of oil a month from Iran. Waiting to get clarity from the U.S., India hopes it can get an extension on the waiver and can be allowed to increase the amount of oil it is currently buying.

Brian Hooks, the special convoy for Iran from the United States, said, Washington is looking at bringing the amount of crude oil exported from Iran to zero very soon. Hook also said, out of the eight countries who are a part of the deal, three already agreed to cut their ties with Iran before the six months time period.

Since the ban issued on Iran by the United States in 2018, only refineries like the Bharat Petroleum Corporation, Hindustan Petroleum and Mangalore Refinery and Petrochemicals are buying oil from the Country.

A source close to the development said in a statement, “We don’t know about U.S. thinking, whether they will allow India to buy oil or not.”

The amount of oil India is currently buying from Iran is currently at half the rate it was previously getting. According to the reports, if the sanction is lifted, New Delhi doesn’t mind buying oil at the same level.

Calling the Islamic Revolutionary Guard Corps, a branch of the Armed Forces of Iran, a terrorist organisation, Donald Trump made it quite clear he no longer wants to be associated with such a  country.

Stay tuned for more updates.

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