India’s crude oil imports jumped 14 per cent to 19.7 Million Tonne (MT) last month. In value terms, the country’s oil import bill rose 18 per cent to $9.8 billion in April, according to data published by the oil ministry. However, crude oil imports from sanctions-hit Iran dropped 42 per cent to 1.41 MT in April.
Indian Oil Corp (IOC), the country’s largest fuel retailer and the largest domestic importer of Iranian crude, has ended its term-contract with Iran for import of crude oil on the back of economic sanctions imposed on that nation by the US.
External affairs minister Sushma Swaraj, in a meeting with her Iranian counterpart Javad Zarif earlier this month, had said that the country will take a call on importing Iranian crude post general elections. Read More
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