Iran crude vital for sustaining balance in oil trade, says IOC Chairman


Iran crude vital for sustaining balance in oil trade, says IOC Chairman

Iranian crude in global market is extremely important for sustaining a balance in oil trade, believes Sanjiv Singh, Chairman, Indian Oil Corporation Ltd.

India is one of the largest consumers of crude oil and Iran has been one of the key suppliers. On November 5, the US announced exempting eight countries, including India, from the sanctions for importing oil from Iran. This exemption is for six months and Washington will review the 180-day waiver it granted to India and seven others after April 2019.

Asked about what IndianOil’s strategy will be once the six-months period is over, Singh told BusinessLine “Let us see, we have six months.”

A concern has been the payment mechanism despite the waiver. A trader, who didn’t wished to be identified, said that rupee payment mechanism serves everyone’s purpose. Read More

Leave a Reply

Your email address will not be published.