TEHRAN (Commodity Online) : Ending all speculations, Iran reaffirmed its commitment to supply Crude Oil to end despite long standing payment issues.
According to The National Iranian Oil's Company (NIOC) Iran had no intentions to stop oil exports to India although it sent warnings to refiners that it could do so.
Reports last week said Iran threatened Indian refiners that it would cut its oil supplies in August if those refiners didn't pay the unpaid bills that reached $2 billion.
India and Iran have a running dispute over payments for crude oil imports as the UN sanctions regime has blocked all normal routes of payments. India's central bank, the Reserve Bank of India, earlier blocked payments through the Asian Clearing Union, a regional facility for payments among member nations for eligible transactions.
Till recently India made use of a German bank account to clear payments owed to Iran for oil imports, but that facility too was blocked by the German government under US pressure.
Iran is the second-largest crude exporter to India after Saudi Arabia but payments have hit hurdles due to international sanctions slapped on Iran over its nuclear programme, which world powers fear masks a military drive.
The annual trade between India and Iran stands at an estimated figure of 12 billion dollars annually, with India purchasing some 400,000 barrels of Iranian crude per day.
After reading this article, people also read:
No comments:
Post a Comment