Following the withdrawal of the US waiver, India has stopped contracting oil shipments from Iran this weekend, an official source said here on Wednesday. Petroleum Minister Dharmenra Pradhan last month had said that government has put in place a robust plan for the adequate supply of crude oil to Indian refineries. Oil imports from Iran in the past fiscal ended March amounted to about $9 billion, as per industry figures. Iran's eight biggest oil buyers - China, India, Japan, South Korea, Italy, Greece, Turkey and Taiwan - had received the US waivers last November, which had allowed them to continue importing limited volumes of Iranian crude. India is scheduled to receive two crude carriers carrying 4 million barrels of Iranian oil this month.

Source: Mint May 08, 2019 08:37 UTC