India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating the world’s third-biggest oil importer will continue purchasing crude from the Islamic republic despite US sanctions coming into force on Nov. 4.
“Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran,” one of the sources said. Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd 3 million barrels, the source told Reuters.
The United States plans to impose new sanctions targeting Iran’s oil sector on Nov. 4 to try to stop the country’s involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme. Read More
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