India and Iran discuss impact of US sanctions on oil trade, Delhi looks at Rupee-Rial arrangement as way to continue import
6 years, 5 months ago

India and Iran discuss impact of US sanctions on oil trade, Delhi looks at Rupee-Rial arrangement as way to continue import

Firstpost  

India and Iran on Monday deliberated ways to deal with the possible impact on oil trade between the two countries due to the US sanctions on import of Iranian petroleum products. New Delhi: India and Iran on Monday deliberated ways to deal with the possible impact on oil trade between the two countries due to the US sanctions on import of Iranian petroleum products. Sources said India may request the US to consider providing it some waiver from the sanctions on import of Iranian oil. Last week, Iran’s Deputy Ambassador and Charge d’Affaires Massoud Rezvanian Rahaghi, during an address at an event, cautioned New Delhi that it will stand to lose “special privileges” if it cuts import of Iranian oil following US sanctions.

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History of this topic

China, India seek new supplies as U.S. sanctions tighten grip on Russian oil
Trending News
2 days, 5 hours ago

China, India seek new supplies as U.S. sanctions tighten grip on Russian oil

The Hindu  

Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers that are designed to curb the revenues of the world’s second-largest oil exporter. Analysts said the new sanctions were likely to reduce Russian oil exports in the short term, but Russia could adapt by using the vessels in …

Fresh US sanctions on Russian oil unlikely to have immediate impact on India
2 days, 14 hours ago

Fresh US sanctions on Russian oil unlikely to have immediate impact on India

Live Mint  

New Delhi: US’s fresh sanctions on two Russian oil producers along with tankers are unlikely to have an immediate impact on India for about the next two months as the crude required for this period has already loaded on vessels and is in transit, a top government official said. Strategic oil sourcing Russia has emerged as the top supplier of …

Stricter US sanctions threaten Russia's oil trade with India and China: Report
Top News
3 days, 8 hours ago

Stricter US sanctions threaten Russia's oil trade with India and China: Report

India Today  

New US sanctions on Russian oil producers and ships are expected to disrupt Russia’s oil trade with India and China, two of its largest customers, according to a report by news agency Reuters. The US Treasury announced tougher sanctions on Friday, targeting major Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 ships involved in transporting Russian oil. …

Iranian minister on visit to Delhi to pitch for resuming energy trade
1 week, 6 days ago

Iranian minister on visit to Delhi to pitch for resuming energy trade

Hindustan Times  

NEW DELHI: Iran’s deputy foreign minister Majid Takht Ravanchi is on a visit to India for talks aimed at resuming energy trade, which stopped in 2019 because of US sanctions, and exploring options for ramping up non-oil trade. Majid Takht-Ravanchi, the deputy foreign minister for political affairs, is heading the Iranian side in India- Iran political consultations India and Iran …

Iran Asks India To Resume Oil Trade, Relax Visas
1 week, 6 days ago

Iran Asks India To Resume Oil Trade, Relax Visas

ABP News  

The new Iranian administration under President Masoud Pezeshkian is planning to give a renewed push for resumption of oil trade with India even as Tehran is seeking expansion of people-to-people ties with New Delhi by way of visa relaxation, according to a senior Iranian official. We understand why India has to follow the sanctions but trade is falling year-on-year which …

US sanctions 35 entities & ships for transporting Iranian oil, including 2 Indian firms
1 month, 1 week ago

US sanctions 35 entities & ships for transporting Iranian oil, including 2 Indian firms

Firstpost  

Two Indian companies are among 35 entities and vessels sanctioned by the United States for transporting Iranian oil In the latest tranche of sanctions on Iran, the United States has imposed sanctions on 35 entities and ships for transporting Iranian oil. The firms sanctioned for transporting Iranian oil include two Indian firms as well. The Treasury said the two companies …

week high as Russia, Iran tensions support prices
1 month, 3 weeks ago

week high as Russia, Iran tensions support prices

Live Mint  

* Iran to hold nuclear talks with European powers on Nov 29 * China's crude imports to rebound in Nov * India refining throughput up 3% year-on-year for Oct By Florence Tan SINGORE, - Oil prices hovered near two-week highs on Monday following 6% gains last week, as geopolitical tensions heightened between western powers and major oil producers Russia and …

Reliance Industries gets US approval to continue crude oil import from Venezuela amid sanctions
5 months, 3 weeks ago

Reliance Industries gets US approval to continue crude oil import from Venezuela amid sanctions

Op India  

In a significant development, Reliance Industries Ltd., India’s largest privately held oil refiner, has obtained US approval to resume importing oil from Venezuela amid White House sanctions against the country. Notably, when President Nicolas Maduro and the opposition inked a deal to ensure free and fair elections last year, the United States temporarily lifted sanctions on the South American country’s …

Chabahar deal | Could U.S. play spoiler in India-Iran ties? Watch
7 months, 4 weeks ago

Chabahar deal | Could U.S. play spoiler in India-Iran ties? Watch

The Hindu  

This week marked a new chapter in India’s 20 year old interest in a port in Iran- Chabahar. While China continued its oil imports from Iran after the 6 months ran out, India bowed to the Trump administration’s pressure, and stopped all oil imports. In 2017, the US had threatened sanctions on Chabahar as well as India’s oil imports from …

US warns of 'potential risk' of sanctions after India-Iran sign Chabahar port deal
8 months ago

US warns of 'potential risk' of sanctions after India-Iran sign Chabahar port deal

Op India  

Right after India signed a 10-year contract with Iran to manage operations at the Chabahar Port on the 13th of May, the United States has ‘warned’ that any country considering any business deal with Iran is exposing itself to the “potential risks of sanctions”. During a daily press briefing on Monday, State Department Deputy Spokesperson Vedant Patel said: “We are …

Why Iranian envoy thinks US won’t impose sanctions on India over Chabahar port
8 months ago

Why Iranian envoy thinks US won’t impose sanctions on India over Chabahar port

Hindustan Times  

NEW DELHI: After India and Iran signed a long-term agreement for expanding Indian operations at Chabahar port, the US warned that all entities engaging in business deals with Iran face the “potential risk of sanctions”. Iranian ambassador Iraj Elahi said the importance of India would prevent any side from imposing sanctions on India over the Chabahar port deal Responding to …

India-Iran 10-year pact on Chabahar faces ‘potential risk’ of sanctions: U.S.
8 months ago

India-Iran 10-year pact on Chabahar faces ‘potential risk’ of sanctions: U.S.

The Hindu  

The new 10-year agreement between India and Iran to develop the Chabahar port carries the “potential risk” of sanctions, the U.S. State Department said, casting a cloud over whether the special exemption India had received from the U.S. in 2018 will still be applicable for the next phase of development and investments in the Iranian project. In response to specific …

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials
9 months, 1 week ago

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials

The Hindu  

April 04, 2024 07:55 pm | Updated 09:51 pm IST - NEW DELHI Striking a conciliatory note on India’s imports of Russian oil, U.S. Treasury department officials visiting Delhi said on April 4 that the aim of U.S. sanctions and the oil “price cap” was not to limit the purchase of Russian ‘Ural’ oil, but to limit the revenues made …

The turning tides of US sanctions: India caught between a rock and a hard place
1 year ago

The turning tides of US sanctions: India caught between a rock and a hard place

Live Mint  

The recent escalation of US sanctions against Russia seems to have significant consequences for the Indian market. In the context of the US' secondary sanctions targeting Russia, India too can resort to such countermeasures to provide an avenue of insulation for its fiscal priorities and market interests. Forms of countermeasures Bilateral negotiations and conditional waivers The US government can authorize …

India’s opaque purchases of Russian oil emerge as sanctions test
1 year, 10 months ago

India’s opaque purchases of Russian oil emerge as sanctions test

Live Mint  

En route to New Delhi this month, US officials proclaimed themselves satisfied that India is buying Russian oil below G-7 price caps designed to undercut Moscow’s war in Ukraine without disrupting global energy flows. Yet the structure of India’s oil trade means that the final price it pays includes shipping, insurance and other costs upon arrival at its ports, without …

India’s oil deals with Russia dent decades-old dollar dominance
1 year, 10 months ago

India’s oil deals with Russia dent decades-old dollar dominance

Live Mint  

U.S.-led international sanctions on Russia have begun to erode the dollar's decades-old dominance of international oil trade as most deals with India - Russia's top outlet for seaborne crude - have been settled in other currencies. After a coalition opposed to the war imposed an oil price cap on Russia on Dec. 5, Indian customers have paid for most Russian …

U.S. will not sanction India for buying Russian oil, say senior American officials
1 year, 11 months ago

U.S. will not sanction India for buying Russian oil, say senior American officials

The Hindu  

The United States does not intend to sanction India over its continued purchase of Russian oil, senior American officials have said, calling New Delhi one of their most “consequential” partners. Ahead of a week-long visit to India by U.S. Assistant Secretary for Energy Resources Geoffrey Pyatt, where the response to the war in Ukraine will be on the agenda, the …

Iran offers China-style strategic deal for India
2 years ago

Iran offers China-style strategic deal for India

Live Mint  

Iran has offered India a strategic cooperation pact on the lines of a deal it signed with China in 2021, two people aware of the matter said, as the sanctions-hit country tries to attract investments in its energy and infrastructure sectors. Iran has offered a similar deal to India to attract Indian investments and develop its transport and energy infrastructure, …

U.S. imposes sanction against Indian petrochemical company for ‘clandestine’ Iran oil purchases
2 years, 3 months ago

U.S. imposes sanction against Indian petrochemical company for ‘clandestine’ Iran oil purchases

The Hindu  

In the first such move against oil shipments to India, the U.S. Treasury department announced it had imposed sanctions against a Mumbai based petrochemical company amongst several entities accused of selling Iranian petroleum products. “Today’s action targets Iranian brokers and several front companies in the UAE, Hong Kong, and India that have facilitated financial transfers and shipping of Iranian petroleum …

US imposes sanctions on Indian company over alleged Iran oil deal
2 years, 3 months ago

US imposes sanctions on Indian company over alleged Iran oil deal

India TV News  

US sanctions Indian company: In what is likely the first action against an Indian company for allegedly dealing in Iranian petroleum products, the US Treasury Department has imposed sanctions on Mumbai-based Tibalaji Petrochem Private Limited. The sanctions came shortly after India's External Affairs Minister S. Jaishankar wrapped up his visit to Washington where he met several top officials, including Secretaries …

US sanctions traders of Iranian oil as nuclear talks stall
2 years, 3 months ago

US sanctions traders of Iranian oil as nuclear talks stall

Associated Press  

WASHINGTON — The U.S. on Thursday imposed sanctions on a group of firms it says have played a critical role in shipping sanctioned Iranian oil. The State Department designated two Chinese companies, and Treasury’s Office of Foreign Assets Control hit a network of companies based in Hong Kong, Iran, India and the United Arab Emirates. U.S. sanctions on Iran have …

Data | Will Iran make a comeback as India’s major crude oil import partner?
2 years, 3 months ago

Data | Will Iran make a comeback as India’s major crude oil import partner?

The Hindu  

On the sidelines of the Shanghai Cooperation Organization summit, Indian Prime Minister Narendra Modi and Iranian President Ebrahim Raisi are likely to discuss the revival of oil imports from Iran. However, in FY23, the U.S.’s share in India’s oil imports halved and Russia became the third-biggest source. Russia’s share in India’s crude oil imports was close to 14% in FY23. …

For India, the buzzword now is ‘all-alignment’
2 years, 4 months ago

For India, the buzzword now is ‘all-alignment’

The Hindu  

In his book The India Way, External Affairs Minister S. Jaishankar offers a critique of India’s traditional policy of “non-alignment” where he distinguishes between the “optimistic non-alignment” of the past, which he feels has failed, that must give way to more realistic “multiple engagements of the future”. He writes, “This is a game best played on the front foot, appreciating …

Iran likely to nudge India on oil imports
2 years, 4 months ago

Iran likely to nudge India on oil imports

The Hindu  

Iran will nudge India towards reviving its procurement of discounted Iranian sweet crude during a meeting between Prime Minister Narendra Modi and Iranian President Ebrahim Raisi that is likely to take place this Friday on the sidelines of the Shanghai Cooperation Organisation summit in Samarkand. This will be the first time the two leaders will meet since Mr. Raisi’s election …

West's Criticism of India for Import of Russian Oil Reflects Double Standards: Russia
2 years, 4 months ago

West's Criticism of India for Import of Russian Oil Reflects Double Standards: Russia

News 18  

The criticism of India by the Western countries over its import of Russian crude oil while exempting themselves from their “own illegitimate sanctions” is a reflection of their unprincipled position and double standards, Russian Ambassador Denis Alipov said on Sunday. In an exclusive interview to PTI, the envoy said trade between India and Russia has been on a significant upswing …

Criticism of India for Russian oil imports reflection of West’s double standards: Russia
2 years, 4 months ago

Criticism of India for Russian oil imports reflection of West’s double standards: Russia

The Hindu  

The criticism of India by the Western countries on its imports of Russian crude oil while exempting themselves from their "own illegitimate sanctions" is a reflection of their unprincipled position and double standards, Russian Ambassador Denis Alipov said on Sunday. In an exclusive interview to PTI, the envoy said trade between India and Russia has been on an upswing and …

As Washington ramps up efforts to bring India on board with sanctions against Russia, U.S. treasury official on visit to Mumbai and Delhi
2 years, 7 months ago

As Washington ramps up efforts to bring India on board with sanctions against Russia, U.S. treasury official on visit to Mumbai and Delhi

The Hindu  

Stepping up the U.S. effort to bring India on board with its sanctions against Russia, Washington has sent another senior official to discuss India’s oil purchases and plans to use the rupee-rouble payment mechanism to circumvent sanctions. According to the U.S. Embassy spokesperson, Ms. Rozenberg’s travel is “part of a continued treasury effort to engage with partners and allies around …

India not violating any sanctions by importing Russian oil, says US after Modi-Biden virtual meet
2 years, 9 months ago

India not violating any sanctions by importing Russian oil, says US after Modi-Biden virtual meet

India Today  

Energy imports from Russia are not banned and do not violate the US' sanctions amid the war in Ukraine, White House Press Secretary Jen Psaki said at a press conference on Monday. Asked if Joe Biden had asked India to limit its energy imports from Russia during the meeting, White House Press Secretary Jen Psaki responded, "Energy imports are not …

India not violating any sanctions by importing oil from Russia: United States
2 years, 9 months ago

India not violating any sanctions by importing oil from Russia: United States

India TV News  

Highlights US says India is not violating any sanctions by importing oil from Russia The statement came after PM Modi-Joe Biden's virtual meeting White House said that the talks between two leader were constructive India is not violating any sanctions by importing oil from Russia, the United States said on Monday as the two leaders -- PM Modi and President …

US warns India against increasing oil imports from Russia, says ‘great risk’
2 years, 9 months ago

US warns India against increasing oil imports from Russia, says ‘great risk’

Hindustan Times  

As Russian foreign minister Sergey Lavrov arrives in India amid the Russia-Ukraine war continuing with no sign of abatement, the United States said India should not increase its oil imports from Russia and it could expose New Delhi to a "great risk". According to a Reuters report, the US apparently has no objection to India buying discounted Russian oil as …

Iran offers to meet India's energy needs by relaunching rupee-rial trade for export of oil and gas
2 years, 9 months ago

Iran offers to meet India's energy needs by relaunching rupee-rial trade for export of oil and gas

Firstpost  

Iran used to be India’s second largest oil supplier but New Delhi had to halt imports after the former US president Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on its oil exports Mumbai: Iran has offered to help India meet its energy needs by relaunching rupee-rial trade for export of oil and gas, said Iranian …

India buys Russian oil despite pressure for sanctions
2 years, 9 months ago

India buys Russian oil despite pressure for sanctions

Associated Press  

NEW DELHI — The state-run Indian Oil Corp. bought 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressure to avoid such purchases, an Indian government official said Friday. The official said India has not imposed sanctions against buying oil and will be looking to purchase more from Russia despite calls …

Russia offers more oil to India
2 years, 10 months ago

Russia offers more oil to India

The Hindu  

Beleaguered by sanctions from the western countries and a ban on fuel exports to the United States, Russia is keen to increase its oil and petroleum product exports to India and India’s investments in the Russian oil sector, Russian Deputy Prime Minister Alexander Novak conveyed to Petroleum Minister Hardeep Puri on Friday. “Russia’s oil and petroleum product exports to India …

Indian refiners set to curb spot buying to make room for Iranian oil
3 years, 7 months ago

Indian refiners set to curb spot buying to make room for Iranian oil

Business Standard  

Indian refiners, anticipating a lifting of US sanctions, plan to make space for the resumption of Iranian imports by reducing spot crude oil purchases in the second half of the year, company officials told Reuters. State-run Bharat Petroleum Corp, which plans to tap the spot market for 45% of its overall imports, will buy Iranian oil if sanctions are lifted, …

India to resume buying oil from Iran once U.S. sanctions ease
3 years, 9 months ago

India to resume buying oil from Iran once U.S. sanctions ease

The Hindu  

India will look to resume buying crude oil from Iran the moment U.S. sanctions are eased, helping it diversify its import basket, a senior government official said. India stopped importing oil from Iran in mid-2019 following sanctions on the Persian Gulf nation by the Trump administration. "Once the sanctions are lifted, we can look to resume oil imports from Iran," …

Indian Refiners Would Resume Iranian Oil Imports if US Sanctions Eased: HPCL Chief
3 years, 11 months ago

Indian Refiners Would Resume Iranian Oil Imports if US Sanctions Eased: HPCL Chief

News 18  

Indian refiners would resume imports of Iranian oil if the United States eases sanctions against Tehran, the chairman of state-run Hindustan Petroleum Corp said on Thursday. India, which was Iran’s top oil client after China, had stopped oil imports from the OPEC nation in mid-2019 under pressure from the stringent sanctions imposed by former US President Donald Trump. On Monday, …

India’s import of US oil jumps 10-fold to 2,50,000 bpd, says US Energy Secy
4 years, 10 months ago

India’s import of US oil jumps 10-fold to 2,50,000 bpd, says US Energy Secy

Hindustan Times  

US oil supplies to India have jumped ten-fold to 2,50,000 barrels per day in the last few years, visiting US Energy Secretary Dan Brouillette said on Tuesday. Speaking at a business meeting alongside US President Donald Trump, US Energy Secretary Dan Brouillette said Indian imports of US oil were 25,000 bpd a couple of year ago, and have now risen …

India cannot sacrifice economic strength to comply with US sanctions, says Finance Minister Nirmala Sitharaman
5 years, 3 months ago

India cannot sacrifice economic strength to comply with US sanctions, says Finance Minister Nirmala Sitharaman

Firstpost  

India wants to comply with global sanctions, including US sanctions on Venezuela and Russia, but also needs to maintain its own economic strength and strategic interests, Finance Minister Nirmala Sitharaman said New York: India wants to comply with global sanctions, including US sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, Finance Minister …

Rosneft steps in to help India fill gap in oil supply
5 years, 3 months ago

Rosneft steps in to help India fill gap in oil supply

Live Mint  

Russia’s largest oil company Rosneft PJSC will assist India with its energy security efforts against the backdrop of the drone attacks on Saudi Arabian Oil Co., or Saudi Aramco, that have caused the biggest-ever disruption in global crude oil supplies, Igor Sechin, chairman of Rosneft, conveyed during his meeting with India’s oil minister Dharmendra Pradhan on Tuesday in New Delhi. …

No evidence that India is running afoul of US sanctions: Official
5 years, 4 months ago

No evidence that India is running afoul of US sanctions: Official

India TV News  

The United states has no evidence that India is running afoul of American sanctions on Iran, a top US diplomat said on Tuesday. “We have no evidence that India is running afoul of US sanctions,” Special US Representative to Iran, Brian Hook, told reporters at the Foreign Press Centre. Hook was responding to a reporter's questions alleging that India is …

Iran-US tensions: 'Highly gratified' by cooperation from 'great friend' India on Iranian sanctions, says White House
5 years, 5 months ago

Iran-US tensions: 'Highly gratified' by cooperation from 'great friend' India on Iranian sanctions, says White House

Firstpost  

The US is “highly gratified” by the cooperation from a “great friend” like India in enforcing the oil sanctions on Tehran, the White House said on Wednesday as the Trump administration slapped sanctions on Iranian Foreign Minister Javad Zarif Washington: The US is “highly gratified” by the cooperation from a “great friend” like India in enforcing the oil sanctions on …

Ties with Iran not influenced by any third country: India
5 years, 6 months ago

Ties with Iran not influenced by any third country: India

India TV News  

India on Wednesday said its ties with Iran stand on their own and are not influenced by any third country, an assertion which came in the wake of US sanctions on import of Iranian oil. After six-month-long exemptions from US sanctions to buy oil from Iran ended in May, India said it will deal with the issue based on three …

Expect a friend to understand: Hope India will act in its national interest, says Iran on oil imports
5 years, 6 months ago

Expect a friend to understand: Hope India will act in its national interest, says Iran on oil imports

India Today  

Amid US sanctions, Iran on Tuesday said it believes India will act in its national interest on the issue of oil imports and Tehran can act as a "protector" of India's energy security. His remarks assume significance as they come days after US Secretary of State Mike Pompeo had assured India that America is "doing everything" to ensure crude oil …

Iran hopeful India will act in its national interest on oil imports issue
5 years, 6 months ago

Iran hopeful India will act in its national interest on oil imports issue

India TV News  

Amid US sanctions, Iran on Tuesday said it believes India will act in its national interest on the issue of oil imports and Tehran can act as a "protector" of India's energy security. His remarks assume significance, as they come days after US Secretary of State Mike Pompeo, had assured India that America is "doing everything" to ensure crude oil …

US Secretary of State Pompeo promises to ensure oil supplies to India after Iranian crude ban
5 years, 6 months ago

US Secretary of State Pompeo promises to ensure oil supplies to India after Iranian crude ban

Live Mint  

US secretary of state Michael Richard Pompeo on Wednesday night promised India of adequate crude oil supplies even as India, the world's third-largest oil importer, has been trying to buffer its consumers from the spike in global prices. However, with the US’s conditional waiver for Iranian oil imports to eight countries, including China and India, expiring on 2 May, India …

Iran sanctions: Indian Oil is stepping up imports of US and Saudi crude
5 years, 6 months ago

Iran sanctions: Indian Oil is stepping up imports of US and Saudi crude

CNN  

London CNN Business — US sanctions have forced a leading purchaser of Iranian crude exports to buy more oil from Saudi Arabia and the United States. Sanjiv Singh, head of state-run refiner Indian Oil Corporation, told CNN Business that “whatever supplies were coming from Iran, they were well distributed amongst other countries.” Iran had been the third largest supplier of …

Iran-US standoff: A policy challenge for India
5 years, 7 months ago

Iran-US standoff: A policy challenge for India

Deccan Chronicle  

One of the immediate challenges faced by new external affairs minister Subrahmanyam Jaishankar and his team would be to chart a safe course for India’s continued stable relations with Iran in the face of increasing pressure from the United States, Israel and some friendly Arab countries to assume a more anti-Tehran posture. India’s ambassador to the US Harsh Shringla said …

India stopped purchasing Iranian oil after US waivers expired: Envoy
5 years, 7 months ago

India stopped purchasing Iranian oil after US waivers expired: Envoy

India TV News  

India has stopped importing oil from Iran after American waivers granted to eight buyers expired early this month, New Delhi's envoy here has said, becoming the latest country to comply with the US sanctions on Tehran over its nuclear programme. To reduce Iran's crude oil export to zero, the US ended on May 2 waivers that had allowed the top …

Indian Oil to examine US sanctions' impact on Chennai Petroleum Corp expansion
5 years, 7 months ago

Indian Oil to examine US sanctions' impact on Chennai Petroleum Corp expansion

Firstpost  

Indian Oil plans to pull down the 1 million tonnes per year Nagapattinam refinery of its subsidiary Chennai Petroleum Corp Ltd New Delhi: Indian Oil Corp will evaluate the implications of US sanctions if Iran was to invest in its subsidiary Chennai refinery’s Rs 35,700 crore expansion, its Chairman Sanjiv Singh said. IOC plans to pull down the 1 million …

Indian Oil to source more supplies from Saudi Aramco, Q4 net up 17%
5 years, 7 months ago

Indian Oil to source more supplies from Saudi Aramco, Q4 net up 17%

Live Mint  

State-run Indian Oil Corp. Ltd will source an additional 250,000 tonnes of crude oil per month from the world’s biggest oil producer, Saudi Arabian Oil Co., as India tries to line up supply alternatives in the wake of US sanctions on Iran. In a first, the country’s largest refiner has also inked two term contracts totalling 4.6mt of US crude …

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