Oct 27, 2018, 4:37 PM
News Code: 83080432
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India places new order for Iran's crude

New Delhi, Oct 27, IRNA - A senior Indian official said Indian state-owned oil companies have purchased oil from Iran for November, media reports said.

'Our public sector companies have already placed orders for the month of November with Iran,' Business Standard quoted Sunjay Sudhir, Joint Secretary of India Ministry of Petroleum and Natural Gas as saying.

He stressed Iran has traditionally been a major supplier of crude to India.

Sudhir noted in India, they place value on energy security and Indian officials are negotiating with the US to obtain exemptions from oil sanctions on Iran.

India imports nearly 80 percent of its oil needs. The total crude oil demand in the country is about 4.6 million barrels per day (bpd), making it the world's third largest oil consumer following the United States and China.

Last month, the Indian refineries imported nearly 10 million tons of crude from Iran.

India is Iran's second largest oil consumer after China.

Upon withdrawing from Iran nuclear deal back in May, Washington reinstated some sanctions which were removed under the landmark deal dubbed as Joint Comprehensive Plan of Action, also known as JCPOA.

The first round of sanctions came into effect in August, with the second round which targets the oil and energy sector to be imposed in November.


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