The Trump administration’s reimposition of sanctions against Iran came into effect on Monday, but the US exempted eight countries that can still import oil from Tehran without penalty.
India is among the eight countries exempted from the sanctions. On Saturday, oil minister Dharmendra Pradhan said India and other leading oil buyers will benefit from the waiver the US has granted them from Iran sanctions. But there was plenty of confusion on the issue because of the delay of an official US statement on the exempted countries.
This has pushed the majority of Indian refiners to start reducing or totally stopped imports from Iran. These companies have started looking for alternatives. Bharat Petroleum Corporation Ltd (BPCL) indicated that it had imported nearly 2 million metric tonne (MMT) of crude from Iran, while Indian Oil Corporation Ltd (IOCL) has a contract of around 9 MMT. Hindustan Petroleum Corporation Ltd (HPCL) told CNBC-TV18 that Iran’s contribution to the crude basket is really low and will not impact the company. Read more
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