IOC books Iranian oil imports for October; uncertain about future


IOC books Iranian oil imports for October; uncertain about future

Amid uncertainty over impending US sanctions against Tehran, Indian Oil Corp (IOC) has booked for import of usual monthly quantity of 0.75-0.8 million tonnes of crude oil from Iran in October but is unsure if the trade would continue thereafter, a senior official said.

While India wants to continue importing Iranian oil, albeit a reduced volume, US Secretary of State Mike Pompeo last week stated that Washington would consider waivers on the embargo but made clear that these would be time-limited, if granted.

State refiners, however, have no advice from the government on Iranian imports yet, the official said. IOC, he said, had planned to import of 9 million tonnes of Iranian oil in the 2018-19 fiscal (April 2018 to March 2019).

“This comes to a monthly volume of 0.75 million tonnes and we have been doing similar kind of import till now, including in September. Read More

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