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India Is Cutting Imports of Iranian Oil to Zero in November

  • Biggest Indian refiners haven’t asked for November oil cargoes
  • South Korea, Japan refiners have reduced or halted shipments
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India has bowed to U.S. pressure and will not buy any Iranian oil in November. Stephen Stapczynski reports.(Source: Bloomberg)
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India isn’t planning to buy any Iranian oil in November, raising the prospect that Tehran will lose another major customer as U.S. sanctions hit and spurring speculation over whether China will follow suit.

India is joining other Asian buyers such as South Korea and Japan that have already halted imports from the Persian Gulf state before American restrictions take effect in early November. It’s unclear if China, the world’s biggest oil importer as well as Iran’s top customer, will persist with purchases.