Amid Rising Trade Tensions With US, India Wants to Extend Iran Oil Sanctions Waiver


Amid Rising Trade Tensions With US, India Wants to Extend Iran Oil Sanctions Waiver

India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about extending a waiver of US sanctions past early May, two sources in India with knowledge of the matter said.

India has reduced its purchases of Iranian oil, but has been in talks on extending a sanctions waiver, known as a significant reduction exception, a senior official said in January.

The talks come just as trade tensions rise between Washington and New Delhi. The United States is planning to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States. Read More

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