Saudi Arabia offers more crude supplies to India

[EastWest]

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Saudi Arabia offers more crude supplies to India


Saudi Arabia, the world's top oil exporter, has offered additional crude supplies to India, a move that could help Indian refiners replace supplies from sanctions-hit Iran.

Saudi Arabia is the biggest oil supplier to India, the world's fourth-biggest oil consumer, and is the only oil producer with significant spare capacity to replace any fall in supply from its regional rival Iran.

"King Abdullah offered all assistance, including additional supply of crude oil, should India require the same. He expressed eagerness to strengthen relations with India," the Indian government said in a statement on Tuesday.

India's defence minister A.K. Antony is visiting Riyadh to discuss defence cooperation with his Saudi counterpart.

Iran's oil sales to India have been fraught with payment problems in the past 13 months after a clearing mechanism was scrapped, following which Indian refiners have sought alternative supplies.

India is currently paying Iran for the oil through Turkey's Halkbank (HALKB.IS) but fears that route may also succumb to international pressure.

Saudi said last month it can pump more oil at a moment's notice. Oil Minister Ali al-Naimi said Riyadh could increase production by about 2 million barrels per day (bpd) almost immediately.

India has struck a defiant tone over new financial sanctions imposed by the United States and European Union to punish Iran for its nuclear programme, coming up with elaborate trade and barter arrangements to pay for oil supplies.

But India's determination to pursue trade with Iran despite sanctions could be undermined as wary exporters back away from fresh deals following a bomb attack in New Delhi blamed on Tehran, a trade body chief said on Tuesday.

India, Iran's second-biggest oil client after China, buys 12 percent of its oil needs from the Islamic nation, worth about $12 billion annually.

Many refiners across Asia are asking for additional Saudi crude as they seek to reduce their dependence on Iran because of tighter sanctions.

Indian refiners are seeking at least an extra 2.6 million barrels of Saudi crude on top of their contracted supplies for March, sources told Reuters last week.

India's Hindustan Petroleum Corp (HPCL.NS) has reduced the size of annual trade deal with Iran to 60,000 barrels per day (bpd) in 2012/13 versus 70,000 bpd of this year and almost doubled imports from Saudi Arabia.

Another Indian refinery Mangalore Refinery and Petrochemicals Ltd (MRPL.NS) has also doubled its annual crude import deal with the Kingdom.

[K-Xeroid]

Saudi Arabia offers more crude supplies to India


Saudi Arabia, the world's top oil exporter, has offered additional crude supplies to India, a move that could help Indian refiners replace supplies from sanctions-hit Iran.

Saudi Arabia is the biggest oil supplier to India, the world's fourth-biggest oil consumer, and is the only oil producer with significant spare capacity to replace any fall in supply from its regional rival Iran.

"King Abdullah offered all assistance, including additional supply of crude oil, should India require the same. He expressed eagerness to strengthen relations with India," the Indian government said in a statement on Tuesday.

India's defence minister A.K. Antony is visiting Riyadh to discuss defence cooperation with his Saudi counterpart.

Iran's oil sales to India have been fraught with payment problems in the past 13 months after a clearing mechanism was scrapped, following which Indian refiners have sought alternative supplies.

India is currently paying Iran for the oil through Turkey's Halkbank (HALKB.IS) but fears that route may also succumb to international pressure.

Saudi said last month it can pump more oil at a moment's notice. Oil Minister Ali al-Naimi said Riyadh could increase production by about 2 million barrels per day (bpd) almost immediately.

India has struck a defiant tone over new financial sanctions imposed by the United States and European Union to punish Iran for its nuclear programme, coming up with elaborate trade and barter arrangements to pay for oil supplies.

But India's determination to pursue trade with Iran despite sanctions could be undermined as wary exporters back away from fresh deals following a bomb attack in New Delhi blamed on Tehran, a trade body chief said on Tuesday.

India, Iran's second-biggest oil client after China, buys 12 percent of its oil needs from the Islamic nation, worth about $12 billion annually.

Many refiners across Asia are asking for additional Saudi crude as they seek to reduce their dependence on Iran because of tighter sanctions.

Indian refiners are seeking at least an extra 2.6 million barrels of Saudi crude on top of their contracted supplies for March, sources told Reuters last week.

India's Hindustan Petroleum Corp (HPCL.NS) has reduced the size of annual trade deal with Iran to 60,000 barrels per day (bpd) in 2012/13 versus 70,000 bpd of this year and almost doubled imports from Saudi Arabia.

Another Indian refinery Mangalore Refinery and Petrochemicals Ltd (MRPL.NS) has also doubled its annual crude import deal with the Kingdom.

So it means Indian government is ready to Give up on Iran issue cuz you found Saudi Arabia as alternative?

[XiNiX]

So it means Indian government is ready to Give up on Iran issue cuz you found Saudi Arabia as alternative?

No It ONLY Means SA Is Offering More. Thats It.

[Android]

We must keep a balance between iran and saudi arabia and not rely too much on single supplier

[K-Xeroid]

No It ONLY Means SA Is Offering More. Thats It.

You know now as Growing power, any decision given or taken by india matters for world.. What about Israels pressure on india against Iran?

[Al Bhatti]

Self delete

[Roybot]

So it means Indian government is ready to Give up on Iran issue cuz you found Saudi Arabia as alternative?

It just means that if there is a war in Iran, we can source oil from Saudi Arabia. Its always good to have back ups.

[nalandapride]

You know now as Growing power, any decision given or taken by india matters for world.. What about Israels pressure on india against Iran?

Growing power work according to their wish not to pressures.

[buddyboyyash]

You know now as Growing power, any decision given or taken by india matters for world.. What about Israels pressure on india against Iran?

indian diplomacy works very independently and pressures do not really matter...

israel iran is their own personal issue and if usa eu etc are involved it becomes global issue but india works according to its interests

indian diplomacy is shaped in sucha way that one partner is neva left in favour of another...indo-israeli relations and indo-iranian relations are two totally different things for india which work separately irrespective of wat goes on b/w israel and iran

but yea...its always better to have a backup in case iran is choked but that doesnt mean we are against iran

india has wonderful relations with both iran and israel and they will be

[pmukherjee]

We support continuance of trade and commerce with Iran including imports of petroleum as hithertofore unless forbidden by the UN. However, if despite all efforts, war breaks out in the Persian Gulf? Any war involving Iran will automatically put a stop to all tanker movements to and from Iran. 12% of our oil intake is suddenly stopped. How do we deal with that? We don't want that situation to arise but it may. We should therefore have a plan B in place to meet such an eventuality. That is what we see happening here. That is why our minister is in KSA. No one is giving up on Iran but contingency planning is necessary.

[IFB]

One analyst on TV said that we cant just switch suppliers like that at will - it requires major changes in the refineries that will take a long time to make and india cant afford the delay .

[Anish9500]

As a indian i hate to admit it but we are acting like immature fools
If we continue buying oil from Iran we are only tarnishing our image and helping iran build their nukes.

Pakistan compared to iran has never talked openly of nuking india and does safeguard its nukes very well
These iranians openly talk of nuking israel, europe and the US.
They might even attack Saudi or UAE.

Buying oil from Iran is endangering world peace.
Even north korea will never use the nukes becuase the leaders love their own lives too much.
The iranian leaders do not care so much.

Its time to cut the head of the snake.

Joint Saudi-US strike on Iran with UAE and NATO support.

[IFB]

As a indian i hate to admit it but we are acting like immature fools
If we continue buying oil from Iran we are only tarnishing our image and helping iran build their nukes.

Pakistan compared to iran has never talked openly of nuking india and does safeguard its nukes very well
These iranians openly talk of nuking israel, europe and the US.
They might even attack Saudi or UAE.

Buying oil from Iran is endangering world peace.
Even north korea will never use the nukes becuase the leaders love their own lives too much.
The iranian leaders do not care so much.

Its time to cut the head of the snake.

Joint Saudi-US strike on Iran with UAE and NATO support.

really ? are they that dumb to give statement when they are just struggling to build nuke plants and draw unnecessary heat upon themselves? i doubt it .can you give a source to backup your claim ? thanks.

[Federer]

As a indian i hate to admit it but we are acting like immature fools
If we continue buying oil from Iran we are only tarnishing our image and helping iran build their nukes.

Pakistan compared to iran has never talked openly of nuking india and does safeguard its nukes very well
These iranians openly talk of nuking israel, europe and the US.
They might even attack Saudi or UAE.

Buying oil from Iran is endangering world peace.
Even north korea will never use the nukes becuase the leaders love their own lives too much.
The iranian leaders do not care so much.

Its time to cut the head of the snake.

Joint Saudi-US strike on Iran with UAE and NATO support.

Remember at a time in the 90s when the Indian Government said they almost lost Kashmir at the height of Insurgency in 1995, Pakistan backed by OIC and USA was going to move a resolution in OIC on Kashmir for the support of all Muslim countries. Saudi, UAE, Oman all Islamic Countries were against India. At that time, Our Foreign Minister went to Iran and asked for Iran's help. Iran vetoed the resolution at the Islamic Tea Party against India initiated by Pakistan and Saudi.

Today Iran is in a mess. We are in a better Position.

We will never forget that help!

And Support Iran in her Bad Times!

And We are doing this!

[K-Xeroid]

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We support continuance of trade and commerce with Iran including imports of petroleum as hithertofore unless forbidden by the UN. However, if despite all efforts, war breaks out in the Persian Gulf? Any war involving Iran will automatically put a stop to all tanker movements to and from Iran. 12% of our oil intake is suddenly stopped. How do we deal with that? We don't want that situation to arise but it may. We should therefore have a plan B in place to meet such an eventuality. That is what we see happening here. That is why our minister is in KSA. No one is giving up on Iran but contingency planning is necessary.

Dude! If there will be a war happened with Iran Then there is 99.9% possibility that Arab states will be targeted too.. It means No Oil import from Gulf region niether from iran ..Perhaps I'm talking about current condition when there isn't any war started yet.
War conditions will be totally different..