India Folds: Top Refiner Buys US Oil To Partially Replace Iranian Crude

Authored by Tsvetana Paraskova via Oilprice.com,

Indian Oil Corp, the biggest refiner in Indiahas purchased a total of 6 million barrels of U.S. crude oil for delivery between November and January, as it has started to look for a replacement of Iranian oil cargoes ahead of the U.S. sanctions on Iran’s oil exports returning in early November.  

The 6-million-barrel purchase was the first time that Indian Oil Corp (IOC) - which was the first Indian refiner to buy U.S. oil last summer - has bought U.S. crude oil through a mini-term tender, the Indian company’s Director of Finance A.K. Sharma told Reuters on Wednesday.

IOC is buying 2 million barrels of U.S. Mars for November delivery, one million barrels of Mars and Eagle Ford each in a combination cargo for December delivery, and 2 million barrels of Louisiana Light Sweet (LLS) to be delivered in January next year, Sharma said.

Ahead of the return of the U.S. sanctions on Iran, India’s state refiners boosted their Iranian oil purchases, pushing up Indian oil imports from Iran by 30 percent from Juneto a record 768,000 bpd in July, according to preliminary tanker arrival data that Reuters has obtained from trade sources.

Iran is said to have started to offer India cargo insurance and tankers operated by Iranian companies as some Indian insurers have refused to cover oil cargoes from Iran in the face of the returning U.S. sanctions on Tehran.

Hindustan Petroleum was said to have cancelled a crude oil shipment from Iran after its insurer refused to provide coverage for the cargo on concern about U.S. sanctions.

India’s imports from Iran could start to slow from August as some big Indian refiners worry that their access to the U.S. financial system could be cut off if they continue to import Iranian oil, prompting them to reduce oil purchases from Tehran.

HPCL, for example, will not be buying oil from Iran in August, chairman M. K. Surana told Reuters last week, but did not elaborate on whether the refiner would resume importing Iranian oil after that.

Comments

Free This peopledontwanttruth Wed, 08/08/2018 - 19:16 Permalink

okay, have a party ZH, you have convinced me I am not wanted here, and I won't post anymore.

I was not much fun anyway, and there are some really fucked up people here!

Enjoy your conspiracies, ignorance and lies - not everyone here is an ass, but God there are a lot of brainless twits posting here.

Good luck when the shit show starts, you're gonna need it. I know you will be relieved to have one less asshole posting here anyway.

Out.

In reply to by peopledontwanttruth

lock-stick HilteryTrumpkin Wed, 08/08/2018 - 21:18 Permalink

Free This ::

PLEASE take all your imaginary friends with you.  Adolf with the Big Nose, the stable full of Internet CockSuckers with Land Rovers, the BIbilicism dudes, CryptoHomme, the whole crew. 

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In reply to by HilteryTrumpkin

thetruthhurts hxc Wed, 08/08/2018 - 23:15 Permalink

6 million barrels?

That equals 1 1/2 ships.... bigly deal

 

 

Ultra large crude carrier (ULCC)

It is also known as ULCC. The weight extends from 325,000 to 550,000 dead weight tons. Their capacity is up to 4,000,000 barrels of oil and they are used in the Persian Gulf to European and American to Asia.

In reply to by hxc

francis scott … thetruthhurts Wed, 08/08/2018 - 23:58 Permalink

Let's do the math.

 

6 million barrels over 3 months is 2 million a

month.

Divided by a 30 day month, we see that India

will be importing, out of the 10 million barrels

the US produces daily, 

66,666.666666666666666666666666666667

barrels of exceptional US crude oil, including

some re-exported from elsewhere.

 

Strong is the sign of the BEAST in yon

transaction.

 

(makes the sign of the cross with index

fingers, in front of nose, chants

incantation in tongues, and finishes

eating chocolate ice cream out of the

carton)

In reply to by thetruthhurts

lock-stick justdues Wed, 08/08/2018 - 21:14 Permalink

...when WHACKO-SPAMMER with multiple personalities DISAPPEARS, my job will be done.  Calling him out with the same obsessive ruthlessness with which he posts, dozens and dozens of times each day with MULTIPLE log-ons (in conversation with himself), is the ONLY thing that will chase him away.

I simply follow him to spray orange spray paint around the shit that he dumps here in the comments section.

This has been going on for YEARS and YEARS.

In reply to by justdues

Free This lock-stick Wed, 08/08/2018 - 21:42 Permalink

Fuck you and all your racist asshole conspiracy theorists here! FEEL ME ASSHOLE! You did not make me leave, I ignored your stupid cunt trashing the threads up every day too. I LEFT ON MY OWN VOLITION not your fucking NOISE. On my own terms - You All Can Kiss My ASS!

I am but one fucking logon and I am a BAD MUTHERFUCKER - SEE YOU CUNTS ON THE FIELD OF GLORY and I WILL KNOW YOU before you know ME!

SHIT IS ABOUT TO GET REAL ASSHOLES - and you ignore my warnings, well, you all will be EATING SHIT soon enough!

This is my GOODBYE PRESENT to the smug little PRICKS you are! You will be left with the other asshats as I will be gone. I prepare - you fucking keep typing FOOLS.

SIC SEMPER TYRANNIS - An AMERICAN PATRIOT

In reply to by lock-stick

lock-stick Free This Wed, 08/08/2018 - 22:24 Permalink

Free This ::

PLEASE take all your imaginary friends with you.  Adolf with the Big Nose, the stable full of Internet CockSuckers with Land Rovers, the BIbilicism dudes, CryptoHomme, the whole crew. 

Load them in your imaginary bus and drive off a cliff.  A steep cliff, with deep water at the bottom of the cliff.   Lots of water.  Ocean water.  With sharks.  Lots of sharks.  Hungry sharks.

In reply to by Free This

Posa Ignatius Wed, 08/08/2018 - 21:31 Permalink

Yup. Iranian sanctions provide cover for a massive DC shakedown to buy US product... at higher costs... but who can feel sorry? The EU and the rest of these bastards fold like a cheap suit... all except China and Russia.

 

India could easily counter threats from Drump by terminating contracts for US energy, construction and military purchases and buy Russian product instead. Freeze US banking assets in Indian banks as well. See what happens then. Sign a trade and friendship agreement with SCO and OBOR program. Instead, they piss their pants and cave. Pathetic.

In reply to by Ignatius

sarz Posa Thu, 08/09/2018 - 09:26 Permalink

India needs good relations with both the US and Iran. They are not going overboard either way. Like tbe Chinese, they have substantially increased current purchases from Iran, so that they can keep their word to Trump that they won't increase their purchases sfter the sanctions set in. 

In reply to by Posa

lock-stick roea.rita Wed, 08/08/2018 - 21:02 Permalink

It's all ONE SICK, PATHETIC SPAMMER!!!

•• roea.rita ("I SUCK DICK ON THE INTERNET FOR LAND ROVERS!")

•• Adolfsteinbergovitch ("I TORMENT THE WOMAN WHO SUCKS DICK!")

•• Cryptopithicus Homme (bitcoin spammer - imaginary "friend")

•• Free This (ABOVE, in all his 7th grade glory - JACKASS  as new icon!)

•• lisa.roy39  ("I SUCK DICK ON THE INTERNET FOR LAND ROVERS!")

•• Leakanthrophy (PORN for Jesus!)

•• 07564111 ("I PRETEND I DON'T KNOW ANY OF THEM!")

•• MoreSun (whacked, OH SO WHACKED!!)

•• Africoman

•• Sanctificado

•• beemasters

•• PrivetHedge

•• Cheolli

•• bobcatz

dozens and dozens and dozens of banned log-on's -- more than seven years!

 

....and all the while, the pathetic little SPAMMER sits in his leaky, moldy, smelly single wide in Western New York, surrounded by garbage and dirty clothes, trying to find his dick amidst rolls of fat, talking to his ACTION FIGURES and wondering where his life went.

In reply to by roea.rita

matermaker Wed, 08/08/2018 - 19:18 Permalink

After I just watched Lindsey Grahmn geefully say that the Iranian regime will fall without a shot being fired, you can sure bet a revolution will start very soon.  Not sure what the hell they think will replace it.  I doubt they care, but the Persians are a helluva lot more sophisticated than say the Bedouin.

Brazen Heist II Wed, 08/08/2018 - 19:18 Permalink

India was always a bit of a bitch

Isn't it just hilarious how the US is going after anybody who dares question its stoopid Zionist bullshit. Whack-a-mole foreign policy.

1 Alabama Wed, 08/08/2018 - 19:19 Permalink

from a common sense point of view its crazy, they are next door neighbors and the extra distance should be heavily taxed b/c of the extra emissions thrown into the Earths atm, but who really cares about the Earth anyhoos? Its all about the money. 

Brazen Heist II 1 Alabama Wed, 08/08/2018 - 19:23 Permalink

The same people that are coercing Europe to not turn to its reliable next door neighbour [Russia] and source energy from pipelines, but instead get it from across an entire fucking ocean by tankers from US shale.

We live in a world run by degenerate money worshippers with ZERO values. The worst part of all, are the spineless cucks in Europe that bend over to this absurdity.

In reply to by 1 Alabama

Herdee Wed, 08/08/2018 - 19:27 Permalink

It's just a matter of time until the world gets tired of all the NeoCon bullshit. Being ordered around by a gang of crackpots out of Washington D.C. Alternative systems are coming as workarounds. Be careful what you wish for because the americans just might get it themselves.

Prosource Herdee Wed, 08/08/2018 - 21:35 Permalink

I'm still befuddled by the "reasons" for the Iranian sanctions.

Sponsoring terrorism? - US and Israel

'Malignant' actions (like um...toppling countries and killing millions ?) - US and Israel

Weapons research? For ONE bomb? Seriously ? - US and Israel have thousands.

Rocket research?  Ditto and Ditto  - US and Israel have thousands pointed you know where.

And remind me, it is IRAN that gets accused of behavior unbecoming and worthy of sanctions?

Not saying Iran is lily white, but .. day-umm. 

I think the Russians, Chinese, and Iranians are looking on like "the US and Israel have acted SOO long against logic and the laws of nature, that they are surely due for some serious karma and a corrective ass-whooping by mother nature."

 

In reply to by Herdee

remote Wed, 08/08/2018 - 19:28 Permalink

The India mentioned in this article is a company not the country. That is what the US sanctions are targeting companies not countries.

remote Brazen Heist II Wed, 08/08/2018 - 22:06 Permalink

Whilst sanctions are part and parcel of international diplomacy the current type of sanctions the US are using are particularly troubling. They use the privilege the $US holds courtesy of the remainder of the world against companies. The fact the US have brought these type of sanctions into play is a insight into just how much trouble the dollar hegemony is in. 

In reply to by Brazen Heist II