Subscribe RSSThe congruity government has told refiners to reduce Iranian oil imports and find alternatives as New Delhi may not seek a waiver that would keep safe buyers of Tehran's oil from a fresh round of U.S. sanctions, two industry sources said on Wednesday.
India, Iran's secondarily largest oil buyer after China, is already struggling to pay for the crude due to existing sanctions, and fresh U.S. measures aimed at isolating Iran over its atomic programme will make payment even harder.
The South Asian country buys from Iran about 12 per cent of its oil needs, or 350,000-400,000 barrels per day (bpd) and benefit $12 billion annually.
Indian oil firms were told by officials at a meeting on Monday that the government was not planning to solicit an exemption from the U.S. sanctions, and were advised to reduce dependence on Iran and be ready with alternative supply sources.
"The companies have been told to powder Iranian supplies and the government is not planning to seek a waiver," said one of the industry sources, who declined to be identified due to the temperamental nature of the matter.
