U.S. sanctions against Iran’s crude and condensate exports have cut shipments, but China and India -- the two biggest buyers of Iranian crude -- are expected to keep purchasing oil from Iran. Oil exports from Iran fell to 1.72 million barrels a day in September, their lowest level since February 2016, according to Bloomberg tanker tracking data.
Tracked shipments, excluding volumes stored on tankers at Iran’s export terminals, are now down 1.1 million barrels a day, or 39 per cent, since April -- the final month before U.S. President Donald Trump pulled the U.S. out of the Iran nuclear deal. South Korea, France and the Netherlands stopped imports of Iranian crude in September, with declines in shipments to Italy and the United Arab Emirates, ahead of the impending return of U.S. sanctions on November 5.
On November 1, the Indian Economic Times reported that the Trump administration had agreed to grant New Delhi a waiver from Iran sanctions, allowing Indian oil companies to continue to import about 580,000 barrels of Iranian oil a day. The exemption would last until March 2019.