Trump in May withdrew from the 2015 nuclear accord with Iran, re-imposing economic sanctions against the Persian Gulf nation.6 million tonnes bought in the 2017-18.6 million tonnes. We will stop importing oil from Iran,” a top official said.Sourcing from Iran increased to 12.New Delhi: India will stop importing crude oil from Iran following the US move to end sanction waivers, and will use alternate supply sources such as Saudi Arabia to make up for the lost volumes, top officials and industry sources said Tuesday.The Trump administration on Monday decided not to renew waiver that let countries like India buy Iranian oil without facing US sanctions.46 a barrel, the highest in almost six months. It bought some 24 million tonnes of crude oil from Iran in the fiscal ended March 31 (2018-19).95 million tonnes, respectively from it.The waiver began in November 2018 and was to expire on May 2. From Saudi Arabia, it has an optional volume of 2 million tonnes on top of a term contract of 5.Oil Minister Dharmendra Pradhan in a tweet said “a robust plan for an adequate supply of crude oil to Indian refineries” is in place.IOC has the option to take 0.New Delhi is likely to press with the US government for continuation of beyond its expiry on May 2 in talks scheduled later this month, he said.
But purchases cannot be made in anticipation.Indian Oil Corp (IOC) Chairman Sanjiv Singh said refiners import crude oil from a wide range of sources and had been lining up alternate supplies for the past months.2 million tonnes to catapult it to the third spot.Iranian oil is a lucrative buy for refiners as the Persian Gulf nation provides 60 days of credit for purchases, terms not available from suppliers of substitute crudes — Saudi Arabia, Kuwait, Iraq, Nigeria, and the US. “We can also go to the spot (or current) market to source crude. We have already lined up alternate sources,” he said, adding the impact of the US decision may reflect on global oil prices which may temporarily go up.7 million tonnes during the plastic cosmetic cap Suppliers year.US President Donald Trump last year withdrew from the 2015 nuclear deal between Iran and world powers, and revived a range of sanctions against the Persian Gulf nation.”We have alternate sources lined up to make up for any shortfall,” he said.The US was to take a decision on waiver extension this month and Indian refineries had prepared plans for all eventualities.The price of Brent crude, the global oil benchmark, gained 0.7 million tonnes in 2015-16, giving it the sixth spot.
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