India is likely to be one of eight countries which can temporarily import Oil from Iran post sanctions, sources indicated. US has agreed to exempt eight countries since they have made “significant reductions” in Oil imports. US sanctions on Iran will kick in November 5.
Some temporary allotments have been given to eight jurisdictions, since they have demonstrated significant reductions in their Crude Oil and cooperation on many other fronts and have made important moves towards getting to zero Crude Oil importation.
Two of the jurisdictions will completely end imports as part of their agreements. The other six will import at greatly reduced levels.
Financial news agency Bloomberg reported that Japan and South Korea are the other countries, apart from India. Turkey also has been informed that it is one of the eight countries likely to get Iran Oil waiver.
India, which is the second biggest buyer of Iranian Oil after China, is being pushed by the US to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes a year (300,000 barrels per day), down from 22.6 million tonnes (452,000 barrels per day) bought in 2017-18 financial year, according to sources.