Crude For Thought: Even As US Keeps India Guessing Over Sanctions, Two Oil Firms To Place Order With Iran For November

Petroleum Minister Dharmendra Pradhan has said that two Indian companies will buy oil from Iran, while expressing uncertainty over what the United States would do in terms of granting a waiver to India from the sanctions it is imposing on Iran, The Economic Times has reported. Two Indian companies have placed orders to buy Iranian oil in November, Pradhan said on Monday, adding that India does not yet know if it will be granted a waiver from US sanctions on Iran.

According to the report, industry sources said that India would be buying 9 million barrels of oil from Iran in November.

India was discussing its options on the purchase with all authorities, Pradhan said.

India is the world’s third biggest oil importer and more than 80 percent of its oil requirements are fulfilled by imports.

United States has reimposed sanctions on Iran after it backed out of the nuclear deal that Iran has signed with the US, United Kingdom, Russia, China, France and Germany.

US has warned countries and companies against doing trade with Iran or else risk facing sanctions.

US sanctions on purchasing of Iranian oil will come into effect from November 4.