Trump bows before Modi, allows Iranian oil for India..US reimposes sanctions on Iran

New Delhi, Nov 2: US President has finally bowed before the might of India. While reimposing sanctions on Iran, US has exempted eight countries, including India, from Iran oil sanctions. This means that India can still buy oil from Iran. US had lifted sanctions on Iran after the 2015 nuclear deal.        The countries granted waiver include India, Japan, and South Korea. However, under the waiver India will have to steadily cut their oil imports from Iran.  Sanctions are part of US pressure to force Iran abandon its nuclear programme. US expects around  11 lakh barrels reduction per month in Iran's oil export after the sanction.India got a waiver after continued negotiations with the Trump administration to cut oil imports and escrow payments.  India, is the second biggest purchaser of Iranian oil after China. Sources said that India is willing to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrels per day). India had bought 22.6 million tonnes (452,000 barrels per day) oil from Iran in 2017-18.US appeared to be satisfied with this reduction and is willing to give the waiver provided payments for oil purchases are parked in an escrow account which can be used for purchases from India, they said, adding the US does not want any money to reach Iran.India had continued to import crude oil from Iran despite the threat of sanctions. Two of its refiners - Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) - have even made nominations to buy 1.25 million tonnes of oil from Iran in November.India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports. Iran is its third-largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of total needs.News24 Bureau/ Agencies