In the fiscal year 2018-19, India imported about 23.5 million tons of Iranian oil. Still, refiners in India, Iran’s top oil client after China, had almost halved their Iranian oil purchases since November when petroleum sanctions came into force. India’s imports of Iranian oil come with attractive terms, including 60-day credit and low freight and insurance costs, say analysts. “The Government of India has put in place a robust plan to ensure that there is adequate supply of crude oil to Indian oil refineries from May 2019 onwards. Close strategic tiesBut despite the threat of sanctions, India is unlikely to put a total stop to Iranian oil imports, say energy analysts.
Source: Egypt Independent April 24, 2019 11:48 UTC