India Hopes US Will Extend Waiver of Sanctions Imposed on Iranian Oil

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Israeli regime's Prime Minister Netanyahu had claimed last week that Israel's navy could take actions against Iranian oil export.

To give time to importers to find alternatives and prevent a jump in oil prices, the USA granted Iran's main oil buyers waivers to sanctions on the condition they buy less in the future.

The United States wants to slash Iran's crude-oil exports by some 20 percent beginning in May by demanding that importers reduce purchases or face USA sanctions, Reuters news agency reports.

He said the United States is monitoring global supplies for impact from sanctions.

With overflow of defense know-how, many other non-defense problems and deficiencies would be resolved, he said adding that the Iranian technicians and experts of the defense sector are increasingly called on to cooperate with the auto making industry.

Besides China, India and Japan, Washington also gave South Korea, Taiwan, Turkey, Italy and Greece the green light to keep buying Iranian oil, although it's unclear whether these waivers will be renewed when they expire in May.

Replacing vessels is not going to be an easy task because of the US sanctions.

A senior Iranian official played down the threat to its oil exports because of pressure on its fleet.

"Iran is trying to bypass the sanctions on it through the covert smuggling of petroleum via the sea", the prime minister said.

T he United States imposed sanctions on Iran in November after abrogating a nuclear deal in a dispute over Tehran's nuclear and missile ambitions, although India and other countries were exempted from the curbs.

LONDON - Iran will respond firmly to any Israeli naval action against its oil shipments, Iran's defense minister said on Wednesday, in comments that came a week after Israel's prime minister said its navy could act against Iranian oil "smuggling" to evade U.S. sanctions.

Peyman offered to "continue to closely consult on the extension of sanctions exemption and Korean companies' technical issues regarding trade with Iran", Seoul's foreign ministry said in a statement.

It is believed that more than 15 Iranian tankers are coming up to 20 years old.

After Western sanctions were lifted, Iran also started talks with South Korea's Daewoo Shipbuilding and Marine Engineering Co. about forming a joint venture to establish a shipyard in Iran.

Yet, experts say that sanctions on Iran and Venezuela would have driven oil prices much higher if it weren't for the soaring USA oil production that has been capping price gains. It is now looking elsewhere including Vietnam.

Iran has more than 50 tankers, but this month, for example, it's using 12 of those to store oil in floating storage at sea, according to MarineTraffic data cited by Reuters.

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