NEW DELHI: The US Monday said it cannot ensure the sale of its crude oil to India at concessional rates to make up for the cheaper Iranian oil going out of the market. In the case of most other suppliers including the US, refiners have make shipping arrangements and pay for insurance. It bought some 24 million tonne of crude oil from Iran in the fiscal ended March 31. India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports. Iran in 2018-19 was its third-largest supplier after Iraq and Saudi Arabia, meeting over 10 per cent of total needs.

Source: Economic Times May 06, 2019 13:30 UTC