India is leveraging its relationship with West Asian oil producers such as Saudi Arabia, Kuwait and United Arab Emirates (UAE) to source additional crude oil at similar terms as those entered for annual contracts.
These talks for sourcing around 15 million tonnes of crude oil over the year comes in the backdrop of a need to bridge the supply gap once the Iranian oil no longer remains a part of the Indian energy basket.
US secretary of state Mike Pompeo on Monday announced that the Donald Trump administration would no longer grant exemptions, with the conditional waiver set to expire on 2 May.
Long term agreements allow for contracting of additional quantum of crude oil at similar terms.“There will be no impact of sanctions on the supply side. Read More