NEW DELHI: India will get further provides from different main oil producing international locations to compensate for the lack of Iranian oil, Petroleum and Pure Fuel Minister Dharmendra Pradhan stated on Tuesday.
America on Monday demanded that consumers of Iranian oil cease purchases by Might 1 or face sanctions, ending six months of waivers which had allowed Iran’s eight greatest consumers, most of them in Asia, to proceed to import restricted volumes.
Pradhan stated on Twitter that India has put in place a strong plan for sufficient provide of crude oil to refineries.
“Indian refineries are absolutely ready to satisfy the nationwide demand for petrol, diesel and different petroleum merchandise,” he stated.
Reuters final week reported that Indian refiners are rising their deliberate purchases from the nations of the Group of the Petroleum Exporting International locations (OPEC), Mexico and america to hedge in opposition to lack of Iranian oil.
Refiners in India, the world’s third-biggest oil importer and Iran’s high oil shopper after China, had nearly halved their Iranian oil purchases since November when petroleum sanctions went into impact. On the time, america granted waivers from sanctions, referred to as vital discount exceptions (SRE), for six months to international locations that bought some quantities of Iranian crude, together with India.
U.S. President Donald Trump stated on Monday that Saudi Arabia and different OPEC nations may “greater than make up” for any drop in Iranian oil provides to world markets now that the waivers are ended.
Saudi Arabia, the world’s greatest oil exporter, stated on Monday it might coordinate with different oil producers to make sure an sufficient crude provide and a balanced market.