Oil & Natural Gas: News & Discussion

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Kakkaji
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Re: Oil & Natural Gas: News & Discussion

Postby Kakkaji » 16 Sep 2018 07:26

Philip wrote:On the contrary we should increase supplies from Iran if the price is right.Oil from the cheapest supplier.India is not a puppet state of ghe US.


Fine, but how will you pay them? With the US sanctions you will not be able to pay them in dollars. Iranians will not accept the full payment in Rupees.

Mort Walker
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Re: Oil & Natural Gas: News & Discussion

Postby Mort Walker » 16 Sep 2018 08:13

Kakkaji wrote:
Philip wrote:On the contrary we should increase supplies from Iran if the price is right.Oil from the cheapest supplier.India is not a puppet state of ghe US.


Fine, but how will you pay them? With the US sanctions you will not be able to pay them in dollars. Iranians will not accept the full payment in Rupees.


As Philip would say, pay them in Rubles, but the Iranians won't accept those either. They want USD or the Euro.

Austin
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Re: Oil & Natural Gas: News & Discussion

Postby Austin » 16 Sep 2018 13:12

Kakkaji wrote:
Philip wrote:On the contrary we should increase supplies from Iran if the price is right.Oil from the cheapest supplier.India is not a puppet state of ghe US.


Fine, but how will you pay them? With the US sanctions you will not be able to pay them in dollars. Iranians will not accept the full payment in Rupees.


Euro , Europe is commited to the nuclear deal and will buy Iran energy and pay in Euros

Gyan
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Re: Oil & Natural Gas: News & Discussion

Postby Gyan » 18 Sep 2018 09:46

The method to buy Iranian crude would-be to designate some refineries as specific consumers of Iranian crude and Park the money that is to be paid to Iran in Russia. That is to say that some refineries will try to stay outside the US financial system and its reach and start consuming Iranian crude.
The payments will be made in US dollars at the instance of Iran directly to the creditor nations from whom Iran is purchasing goods like Russia, China etc.
While the purchase of Iranian crude will go down a bit but simultaneously International crude prices will go up. there will be major inconvenience for everybody but the net result on Iran would be very minimal.
In 1980s Saudi Arabia brought down the crude oil prices to US dollar 10 per barrel, but now the Saudi and American lobby want to keep the oil prices high. Hence Russia, Iran and Iraq will remain strong and outside USA influence & will be joined by Libya, Algeria, Venezuela, Syria, Qatar etc

Lisa
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Re: Oil & Natural Gas: News & Discussion

Postby Lisa » 19 Sep 2018 01:08

Austin wrote:Euro , Europe is commited to the nuclear deal and will buy Iran energy and pay in Euros


SWIFT will not permit payments to Iran so how do you see this working.

Peregrine
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Oil & Natural Gas: News & Discussion

Postby Peregrine » 20 Sep 2018 20:10

X Posted on the Iran News and Discussions Thread

India set to pay for Iranian oil using rupee from November: Sources – Reuters

NEW DELHI: India will settle payments for Iranian oil using through local banks starting in November as will make it difficult to settle trades through European banks, two industry sources said on Thursday.

In May, US President Donald Trump withdrew from a 2015 nuclear accord with Iran and ordered the renewal of US sanctions. Some sanctions took effect from August 6 while those affecting the oil and banking sectors will start from November 4.

"We are bracing up for any eventuality we have to make a payment and we don't want to default on making payments," one of the sources said.

The sources said India has selected UCO Bank and IDBI Bank for facilitating payment to Iran.

Indian refiners are currently using State Bank of India and Germany-based Europaeisch-Iranische Handelsbank AG to buy Iranian oil in euros. SBI has told refiners it would stop handling Iran payments from November.

The second source said after the United States announced it would re-impose sanctions in May, Iran has already received payments for some cargoes in rupee.

Reuters in June reported that India is looking to revive the its earlier rupee payment mechanism with Iran. During the previous sanctions regime, India adopted a barter-like scheme to buy oil from Iran while the Middle Eastern country used rupees to import goods from India.

"Previously we settled 45 per cent of our trade in rupees this time it could be 100 per cent. We have to mutually decide the number," said the first source.

India, Iran's top oil client after China, is still seeking some exemptions to the sanctions from the US though some refiners have already curtailed purchases because of insurance issues
tied to the sanctions.

IDBI did not respond to requests for a comment while UCO Bank's Managing Director R K Takkar did not respond to phone calls seeking comment

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Austin
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Re: Oil & Natural Gas: News & Discussion

Postby Austin » 16 Oct 2018 09:53

PM's Appeal To Oil-Producing Nations Gets A Negative From Saudi Minister

https://www.ndtv.com/india-news/pms-app ... ome-livetv

Austin
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Re: Oil & Natural Gas: News & Discussion

Postby Austin » 24 Oct 2018 11:51

India’s Arctic energy partnership with Russia

https://www.lowyinstitute.org/the-inter ... hip-russia


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