India Halts Iran Crude Buy for Now

Published: 01st April 2015 06:00 AM  |   Last Updated: 01st April 2015 03:16 AM   |  A+A-

NEW DELHI:  Following US pressure to keep crude oil shipments from Tehran within sanction limits, India has not imported any oil from Iran, for the first time in a decade, in March.

MRPL, Essar Oil and Indian Oil Corporation buy oil from Iran.

According to officials, despite no oil imports from Iran in March, shipments are expected to resume next month.

“Subject to approval by the oil ministry ... we will increase the supply,” said Vijay Joshi, head of refinery operations at MRPL.

The sanctions currently restrict Iran’s overall exports to 1 million-1.1 million barrels per day, with Asian buyers required to keep their purchases near end-2013 levels.

According to sources, National Iranian Oil Company (NIOC) would continue to offer crude on a 90-day credit terms and at a discount if sanctions were lifted, although NIOC executives indicated that the country may stop offering free shipping.

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