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Donald Trump: Enough supply of petroleum for countries to cut oil import from Iran

Trump said that he had determined there was sufficient supply of petroleum for countries to reduce their purchase of crude oil from Iran.

Donald Trump: Enough supply of petroleum for countries to cut oil import from Iran


 

New Delhi, November 2 - Neftegaz.RU. Donald Trump said in a presidential memorandum that he had determined there was sufficient supply of petroleum and petroleum products for countries to significantly reduce their purchase of crude oil from Iran, which is going to face US sanctions from November 5, Indian PTI reports.  

 

Trump's presidential determination, not an executive order but a kind of directive issued by the White House to the members of his adminstration on some policy matters, comes less than 100 hours before the deadline set by him for countries like India to bring its purchase of oil to zero from Iran by November 4.

 

 India has expressed its difficulties in doing so given the galloping energy needs of its 1.3 billion people. More than 80 % of India's energy needs are imported. But at the same time, India has taken steps to reduce its oil purchase from Iran, which has already declined substantially.

 

 Recently, senior US officials were in India for talks in this regard. However, US officials are tightlipped on the issue. The White House also did not immediately respond to question if India's oil purchase reductions from Iran would be considered significant. Trump said he will continue to monitor the situation.
 
 

In June 2018, India and Iran agreed to use the rupee in order to maintain economic engagement. Nonetheless, major Indian refiners Reliance and Indian Oil Corporation - citing a decision by the State Bank of India to cease transactions with Iran as complicating efforts to stay engaged with Iran - have announced they are considering cutting oil buys from Iran.

 

India's purchases of Iranian oil fell sharply from July to August 2018, and press reports say that the country might try to cut Iranian oil imports dramatically in November 2018, when US energy sanctions go back into effect, the CRS report said. 

 


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