OIL: US exempts 8 countries to buy oil from Iran, relief to India

US President Donald Trump has reintroduced all restrictions on Iran, which were withdrawn under the nuclear deal in 2015. In May this year President Trump had separated the United States from this agreement.

The US has allowed eight countries including India to buy oil from Iran. Countries other than India, which have been relieved, include Japan and South Korea. In fact, America wanted that other countries, including India, completely stop buying oil from Iran on 4th November. After this day, sanctions on Iran will apply to the US. But now America has relaxed its stand.

Earlier on Thursday, India’s Foreign Ministry spokesman Ravish Kumar had told that the US knows how important oil is to sustain our domestic growth. To keep the energy sector away from any kind of effect, we are in constant contact with the United States and the other parties.

India is the second largest buyer of crude oil after Iran after China. But after the US warning, India now wants to limit the purchase of crude oil to Iran 1.5 million tonnes annually. Before that, in 2017-18, India’s oil purchase from Iran was 2.6 million tonnes, that is, four lakh 52 thousand barrels per day.

What is the whole matter?

In July 2015, the Permanent Agreement between Iran and the 5 permanent members of the UN Security Council was made. Under the agreement, then US President Obama gave relief from Bain in exchange for limiting Iran’s nuclear program. But in May 2018, US President Donald Trump broke this agreement to put more pressure on Iran. Trump asked foreign companies doing business in Iran to stop investing. The United States had also threatened heavy penalties and asked Iran to stop importing of crude oil by November 4.

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