Indian refiners have raised the share of spot purchases to take advantage of cheaper barrels in a surplus market and replaced lost Iranian cargoes with U. NS also said it would buy Iranian crude given the right price and economic suitability, its chairman M.
Surana told Reuters. NS expects to reduce spot purchases and can easily process about 2 million tonnes NS said his company would also cut spot purchases and buy Iranian oil. The resumption of Iranian oil supplies will help India replace lower supplies from members of the Organization of the Petroleum Exporting Countries, which have curbed output to support oil prices during the COVID pandemic. With transactions mostly done in Chinese currency and in some cases end-buyers offered open credit, Iranian oil flows are expected to continue, especially as the private firms face little political pressure to quit the lucrative business.
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Sign up. The Persian Gulf is the epicenter of the global oil trade. Iraq and the UAE serve as key nodes in the complex regional oil industry and network of infrastructure, corporate entities, oil tankers, and other elements that have facilitated Iranian sanctions evasion. Networks of oil refineries, storage tanks, production sites, and export terminals litter southeast Iraq and southwest Iran near and along the river that separates the two countries. Dozens of cargo ships, small vessels, fishing boats, and large oil tankers are either moored in these waters awaiting new shipments of Iraqi and Iranian crude or simply passing through.
Iran has capitalized on this complex and poorly regulated area to covertly push its oil to international markets.
According to U. The UAE has long been a focal point in global illicit finance and trade activity , including sanctions evasion practices, with rogue actors using the country as a base to bypass sanctions.
With so much activity, tracking the Iranian oil that passes through has proved difficult. In an interesting twist, the ruler of Fujairah, Sheikh Hamad bin Mohammed al-Sharqi, made a claim to the seized oil, stating that his company, Fujairah International Oil and Gas Corporation , purchased it legally from Iraqi suppliers.
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