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Breaking News:

India weighs OPEC options to halt purchases from Iran

India weighs OPEC options to halt purchases from Iran

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SEEKING MARKETS

OIL SHIPMENTS

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India weighs OPEC options to halt purchases from Iran

Posted on 03 April 2013 by "the witness"

Bloomberg Mar 14, 2013, 11.55AM IST

http://economictimes.indiatimes.com/photo/18966673.cms

(OPEC’s biggest…)

MUMBAI: OPEC's biggest oil producers are in talks to supply extra crude to India as the nation prepares to halt purchases from Iran because of global sanctions, four people with knowledge of the matter said.

Indian refiners, which are waiting for an order from the oil ministry on whether to stop buying Iranian cargoes, are discussing annual term contracts with Saudi Arabia, Iraq and Kuwait for the year starting April 1, the people said this week, asking not to be identified because the information is confidential. While the volume hasn't been set, the Indian companies have been told there is enough supply to cover the loss of Iranian crude, the people said.

http://articles.economictimes.indiatimes.com/images/pixel.gifThe assurances reduce the risk of disruptions to oil supplies for Asia's thirdlargest economy as it seeks to cut fuel subsidies and narrow its budget deficit. They are also evidence of how global penalties against Iran because of its nuclear program are squeezing the nation's revenues.

At current prices, Iran stands to lose about $11.5 billion in sales annually if India stops buying its oil. "This shows how pressure on Iran is increasing, and why Iran's tone is much more conciliatory in recent times," said Ehsan Ul-Haq, a senior market consultant at KBC Energy Economics in Walton-on-Thames, England. "Iran might be willing to accept a few more conditions now because otherwise it will find it difficult to meet its budget obligations."

GOOD FAITH

Prospects for resolving the conflict over Iran's nuclear program have improved following signs of "good faith" from Western powers, Iranian foreign minister Ali Akbar Salehi said March 10.

The state-run Iranian Students News Agency on the same day cited an unidentified Iranian diplomat as saying world powers have offered to ease economic sanctions on Iran if it limits the enriched uranium in its possession within six months. India's refiners currently have contracts to receive a total of about 300,000 barrels a day of Iranian crude, or 110 million a year. Iran Heavy traded at $104.87 a barrel on Tuesday, while Brent crude settled at $109.65 in London.

RC Joshi, a New Delhi-based spokesman for India's oil ministry, didn't return two calls made to his mobile phone during office hours on Tuesday. An official who picked up the phone at the office of Ahmad Qalebani, the managing director at National Iranian Oil Co in Tehran, said no one was available to comment on sales to India.

SEEKING MARKETS

Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries (Opec), pumped 9.1 million barrels of oil a day in February, the group said in its monthly oil market report on Tuesday, citing secondary sources. Daily output was 3.1 million barrels for Iraq and 2.8 million for Kuwait. "We are always seeking markets which have refineries and that have demand for crude, including the Indian market," Asim Jihad, spokesman for Iraq's oil ministry, said by telephone from Baghdad on Wednesday. He declined to provide more details. Iran produced 2.7 million barrels a day, OPEC data show.

The nation's crude shipments plunged 40% in the last nine months of 2012, the state-run Iranian Students News Agency reported January 7. China, India and South Africa buy 70% of Iran's oil exports, or about 910,000 barrels a day, the Fars news agency reported January 14. "Saudi Arabia pumped 10 million barrels a day last year, and though that's come down, they can easily increase production again," Ul-Haq said. "Iraq's production is also rising. All these can replace Iranian crude, so India shouldn't face a problem."

OIL SHIPMENTS

Iranian oil shipments advanced 13% last month to 1.28 million barrels a day even as the US implemented sanctions that complicate sales from the Persian Gulf country, according to the International Energy Agency.

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