New Delhi: India’s temporary reprieve along with seven other countries to buy Iranian oil is expected to end shortly, with the United States slated to terminate the conditional waiver. The Islamic Republic had become a preferred supplier for India, making it the second largest Iranian crude oil purchaser of Iranian oil after China due to sweeteners such as 60-day credit, free insurance and shipping. The Washington Post newspaper reported about the United States expected to announce on Monday that all importers of Iranian oil will have to end their imports shortly or be subject to U.S. sanctions. International crude oil prices had reached a record high of $147 per barrel in July 2009. India is a major importer of Iranian oil - of the 220.4 million metric tonnes of crude imported by India in 2017-18, more than 9% was from Iran.

Source: Mint April 22, 2019 04:18 UTC