Iran Oil Shipment

Iran will continue to export oil despite U.S. pressure aimed at reducing the nation's crude oil shipments to zero, Iran President Hassan Rouhani said in a speech broadcast live on Iranian state TV on Tuesday.

The United States will not be able to stop Iran exporting its oil and any move to prevent Iranian crude shipments passing through the Gulf would lead to all oil exports through the waterway being blocked, Iran's president said on Tuesday.

The United States has said it plans to impose new sanctions targeting Iran's oil sector on November 4. Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower.

The U.S. embargo on Iran oil shipments has put Prime Minister Narendra Modi in a quandary. If he plays along, India could find itself on the right side of President Donald Trump on trade but lose cheap supplies and precious foreign exchange.

One of Irans biggest oil buyers said it has enough alternative sources of crude to replace any supplies cut off by U.S. sanctions on the Persian Gulf state -- even if shipments stop completely.

The country's daily oil imports from Iran in August surged to their highest in at least 15 years as the Organization of Petroleum Exporting Countries (OPEC) producer boosted its shipments to recoup market share ceded to rivals Saudi Arabia and Iraq under pressure from economic sanctions.

India's July oil imports from Iran rose by over a fifth from June, surging to their highest level in five months as two state-run refiners resumed shipments from Tehran after a gap of years, preliminary tanker arrival data obtained by Reuters show.

Iran exported about 2.2 million barrels per day (bpd) of crude before 2012, when sanctions imposed by world powers to curb Tehran's nuclear programme cut shipments to about 1.1 million bpd.

Iran says it has exported its first crude oil shipment to Europe since it reached a landmark nuclear deal with world powers, the official IRNA news agency reported Sunday.

India's oil imports from Iran fell more than a quarter in January from the previous month, although incoming shipments are expected to pick up in February as post-sanctions crude starts arriving, preliminary tanker data obtained by Reuters showed.

Oil tumbled 5 per cent on Friday, erasing the previous session's gains, as Yemen's conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more supply on the market.

India is ready to pay $1.5 billion to Iran to clear part of a backlog of payments for shipments of oil following the partial easing of western sanctions on Tehran, Oil Secretary Vivek Rae said on Tuesday.

Essar received 141,900 barrels per day (bpd) of oil from Iran last month, up from 54,200 bpd in December, according to the data obtained by Reuters. Shipments last month were about 31 percent higher than a year ago.

Oil industry sources in India have said they expect no rapid increases in the imports in coming months, while noting shipments could fall further in the upcoming fiscal year.

The U.S. State Department extended a six-month Iranian sanctions' waiver at the end of November to China, India, South Korea and other countries as a reward for them reducing purchases of Iranian crude oil earlier this year.

Iran will continue to export oil despite U.S. pressure aimed at reducing the nation's crude oil shipments to zero, Iran President Hassan Rouhani said in a speech broadcast live on Iranian state TV on Tuesday.

The United States will not be able to stop Iran exporting its oil and any move to prevent Iranian crude shipments passing through the Gulf would lead to all oil exports through the waterway being blocked, Iran's president said on Tuesday.

The United States has said it plans to impose new sanctions targeting Iran's oil sector on November 4. Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower.

The U.S. embargo on Iran oil shipments has put Prime Minister Narendra Modi in a quandary. If he plays along, India could find itself on the right side of President Donald Trump on trade but lose cheap supplies and precious foreign exchange.

One of Irans biggest oil buyers said it has enough alternative sources of crude to replace any supplies cut off by U.S. sanctions on the Persian Gulf state -- even if shipments stop completely.

The country's daily oil imports from Iran in August surged to their highest in at least 15 years as the Organization of Petroleum Exporting Countries (OPEC) producer boosted its shipments to recoup market share ceded to rivals Saudi Arabia and Iraq under pressure from economic sanctions.

India's July oil imports from Iran rose by over a fifth from June, surging to their highest level in five months as two state-run refiners resumed shipments from Tehran after a gap of years, preliminary tanker arrival data obtained by Reuters show.

Iran exported about 2.2 million barrels per day (bpd) of crude before 2012, when sanctions imposed by world powers to curb Tehran's nuclear programme cut shipments to about 1.1 million bpd.

Iran says it has exported its first crude oil shipment to Europe since it reached a landmark nuclear deal with world powers, the official IRNA news agency reported Sunday.

India's oil imports from Iran fell more than a quarter in January from the previous month, although incoming shipments are expected to pick up in February as post-sanctions crude starts arriving, preliminary tanker data obtained by Reuters showed.

Oil tumbled 5 per cent on Friday, erasing the previous session's gains, as Yemen's conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more supply on the market.

India is ready to pay $1.5 billion to Iran to clear part of a backlog of payments for shipments of oil following the partial easing of western sanctions on Tehran, Oil Secretary Vivek Rae said on Tuesday.

Essar received 141,900 barrels per day (bpd) of oil from Iran last month, up from 54,200 bpd in December, according to the data obtained by Reuters. Shipments last month were about 31 percent higher than a year ago.

Oil industry sources in India have said they expect no rapid increases in the imports in coming months, while noting shipments could fall further in the upcoming fiscal year.

The U.S. State Department extended a six-month Iranian sanctions' waiver at the end of November to China, India, South Korea and other countries as a reward for them reducing purchases of Iranian crude oil earlier this year.