• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jamie Dimon runs JPMorgan’s 300,000 employees—but says it beats rivals by fighting in Navy SEAL-sized teams

2

After a decade of failed bills and three years of resignations, Washington finally discovers it cares about AI safety

3

Former CIA official found with $40 million in gold bars for 'work-related expenses' reaches tentative plea deal 

1

Jamie Dimon runs JPMorgan’s 300,000 employees—but says it beats rivals by fighting in Navy SEAL-sized teams

2

After a decade of failed bills and three years of resignations, Washington finally discovers it cares about AI safety

3

Former CIA official found with $40 million in gold bars for 'work-related expenses' reaches tentative plea deal 
Iran

At Least One Major Country Won’t Be Playing Ball With the U.S. on Iran Oil Sanctions

By
David Meyer
David Meyer
Down Arrow Button Icon
By
David Meyer
David Meyer
Down Arrow Button Icon
October 8, 2018, 7:20 AM ET
Google source logo
Add Fortune on Google for similar content.

The U.S.’s sanctions on Iranian oil come into effect on Nov. 4, but at least one country says it won’t be playing ball.

India’s oil and natural gas minister, Dharmendra Pradhan, confirmed Monday that two Indian oil companies would be buying Iranian crude in November. Reuters had reported on Friday that India would buy 9 million barrels of Iranian oil next month.

India is the world’s third-largest oil importer, and Iran’s second-biggest oil customer after China. China is reportedly reducing its oil imports from Iran, though it’s not likely to fully comply with the U.S. demands.

The Indian orders have reportedly been placed by Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL). According to CNBC, Pradhan said India may use rupees rather than dollars to buy the oil, in an attempt to skirt the sanctions.

The U.S. is imposing the sanctions because Iran has reneged on a 2015 nuclear deal—a point on which other major powers disagree—and because it wants Iranian forces to pull out of Syria and Iraq.

The news of India’s continued importation of Iranian crude had a positive effect on oil prices, with Brent crude down 1.6% to $82.79 at the time of writing on Monday morning. The industry has been worrying that an entirely effective ban on Iranian oil exports would strain supplies.

Another factor easing those fears was a Friday Reuters report that cited an unnamed U.S. government official as saying the Trump administration is considering waivers on its sanctions for countries that agree to reduce their imports of Iranian oil.

White House National Security Advisor John Bolton said only last week that the administration wanted to avoid all waivers and see Iranian oil and gas exports entirely staunched, but that it might not be able to achieve that aim.

Pradhan reportedly said Monday that India does not know if it would get a waiver from the U.S.

About the Author
By David Meyer
LinkedIn icon
See full bioRight Arrow Button Icon

Latest in


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.