India will buy 9 million barrels of Iranian oil in November despite US sanctions, Reuters reported on October 5 citing “two industrial sources”.
“Refiners have placed November nominations to lift 1.25 million tonnes [about 9 million barrels] of oil from Iran,” Reuters quoted one of the sources as saying.
According to the report, Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd 3 million barrels.
The US sanctions targeting Iran’s oil sector are set to be imposed on November 4. The Trump adminsitration claims that the move is designed to limit the Iranian economic capabilities and thus its involvement in conflicts in Syria and Iraq. Furthermore, Washington hopes that this will force Teheran to request negotiations to reach a new “pro-US” deal on its missile and nuclear programs.
It’s intersting to note that on October 5, India reached with Russia a contract on deliver of S-400 air defense systems. This move also came despite US threats to impose sanctions on any power buying Russian weapons and military equipment.