India Doubles, Yes, DOUBLES Iran Oil Imports: Are Trump’s Sanctions Cratering?

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This is non-MSM source, so should not be blindly trusted:

India Doubles, Yes, DOUBLES Iran Oil Imports: Are Trump’s Sanctions Cratering?by Juan Cole (https://iranian.com/author/juan-cole/)6 days ago (https://iranian.com/2018/11/25/india-doubles-iran-oil-imports/)

https://i0.wp.com/iranian.com/wp-content/uploads/2018/11/RTX4XECA12-870.jpg?fit=770%2C433&ssl=1 (https://i0.wp.com/iranian.com/wp-content/uploads/2018/11/RTX4XECA12-870.jpg?fit=870%2C489&ssl=1)


India’s imports of petroleum from Iran (https://energy.economictimes.indiatimes.com/amp/news/oil-and-gas/indias-crude-oil-imports-from-iran-jumped-36-per-cent-in-october/66780435) in October doubled in value terms to $1.42 billion in October, year over year. Likewise, during the first 8 months of 2018, the value of India’s oil imports from Iran was double that of the same period in 2017. Even in volume terms, imports are up 38%.
These statistics raise the question of whether Trump’s attempt to squeeze Iran is failing.
The Trump administration was constrained to give 8 Asian countries “waivers” allowing them to import Iranian oil without risking sanctions by the US Treasury Department Office of Foreign Asset Control. The US places third party sanctions on firms and governments trading with sanctioned countries like Iran. These third party fines are only effective against firms that do substantial business in the United States, but most big corporations do.

https://iranian.com/2018/11/25/india-doubles-iran-oil-imports/

[Swordsmyth]

Crude oil exports from Iran to Asian countries—its biggest clients—sank to an average daily of 762,000 bpd, official customs data and shipping data reported (https://uk.reuters.com/article/asia-iran-crude/asias-iran-oil-imports-plunge-to-5-year-low-in-oct-idUKL4N1Y52IL?rpc=401&) by Reuters revealed. This is the lowest monthly average for Iranian crude oil exports to Asia in five years and a 56.4-percent decline on an annual basis.
South Korea imported no Iranian crude last month, the second month of no imports in a row as one of the world’s top crude oil importers sought to secure a waiver from U.S. sanctions, which it successfully did.
Japan continued buying some Iranian crude but at a much lower rate than usual. The average daily shipments to Japan stood at 48,033 bpd, the lowest in six months, according to Japanese trade ministry data. The country also stopped importing Iranian crude last month and has yet to resume orders after it, too, was granted a waiver from the U.S. sanctions.


India, interestingly, continued importing Iranian crude at a rate almost unchanged from September, Reuters notes. Shipments of the commodity to this destination averaged 466,400 bpd, down by just 0.2 percent from September. Yet this was lower than the average India imported from Iran over the first ten months of the year, which came in at 579,600 bpd.
China has been the biggest buyer of Iranian crude so far this year, importing it at a rate of 613,200 barrels daily over January to October. This, however, is lower than the rate of imports a year earlier, which stood at 634,749 bpd.

More at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Exports-To-Asia-Sink-To-760000-Bpd-In-October.html