India set to get extra oil from major producers

new delhi — India will get additional supplies from other major oil producing countries to compensate for the loss of Iranian oil, India’s Petroleum and Natural Gas Minister Dharmendra Pradhan said on Tuesday.

The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which had allowed Iran’s eight biggest buyers, most of them in Asia, to continue to import limited volumes.

Pradhan said on Twitter that India has put in place a robust plan for adequate supply of crude oil to refineries. “Indian refineries are fully prepared to meet the national demand for petrol, diesel and other petroleum products,” he said.

China complains to US

Meanwhile, China’s Foreign Ministry said on Tuesday it has formally complained to the United States over its decision to end waivers on sanctions on Iranian oil imports, adding another fault line to already complicated Beijing-Washington ties.

China is Iran’s largest crude oil customer, with total imports last year of 29.27 million tonnes, or about 585,400 barrels a day, roughly six per cent of China’s total oil imports, according to customs data. China is resolutely opposed to the United States enforcing unilateral sanctions or “long armed jurisdiction”, Geng Shuang, a ministry spokesman, told a daily news briefing.

“The decision from the US will contribute to volatility in the Middle East and in the international energy market. We urge the United States to take a responsible attitude and play a constructive role,

not the opposite,” Geng said.

Japan sees little impact

Moreover, Japan expects a limited impact from the US decision not to renew waivers previously granted on Iran oil import sanctions, the country’s trade and industry minister said on Tuesday.

Speaking at a regular press conference, Japan’s Minister of Economy, Trade and Industry Hiroshige Seko told reporters the government did not see any need to tap national oil reserves following the US decision.

Japan, the world’s fourth-biggest oil consumer, has been reducing its reliance on Iranian crude supplies. Iran now accounts for about 3 percent of purchases, Seko said.