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Kenya has cancelled plans to import crude oil from Iran following threats of sanctions, an official at the Kenyan energy ministry has said.
BBC: Kenya cancels Iran oil imports over sanctions threat
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India was allowing the local Mangalore Refinery and Petrochemicals Ltd (MRPL) and some other state refineries to import Iranian crude oil on cost, insurance and freight basis wherein Tehran was to arrange for ships and insurance, and would receive no profit from the sale.
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It said that in just seven years the U.S. will be the largest crude oil producer in the world and shortly thereafter will not need to import any foreign crude oil.
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To offset their losses, the government has also agreed to cut the import duty on crude oil.
BBC: India forced to raise fuel prices
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At this pace, the U.S. Energy Information Administration has estimated that China will import almost 75% of its crude oil by 2035.
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The EU said the sanctions prohibit the import, purchase and transport of Iranian crude oil and petroleum products as well as related finance and insurance.
BBC: Iran: EU oil sanctions 'unfair' and 'doomed to fail'
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The big growth in oil extracted from shale rock means the US will not need to import any crude within two decades, the former boss of BP has said.
BBC: Shale will free US from oil imports, says ex-BP boss
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The pipeline can import up to 1.2 million barrels per day and is connected through a network of crude oil pipelines to about one-half of U.S. refining capacity.
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China is a minor exporter of crude oil and coal, so the overall trade figure is a little lower than the import numbers shown below.
FORBES: China Resource Demand Continues, Despite "Slowdown"
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Iran, the second-biggest supplier of crude to India after Saudi Arabia, accounts for about 14% of the country's oil-import bill.
WSJ: India, Iran Try New Conduit for Oil Payments
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Petrobras was forced to import crude and gasoline in the quarter, as its refining capacity allowed it to process 1.886 million barrels of oil per day, while they sold 2.2 million.
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