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 oil for 2019-20 from Norway’s Equinor ASA and Algerian state energy company Sonatrach. Mint had reported on 24 April about India trying to leverage its robust ties with West Asian crude oil producers, such as Saudi Arabia, Kuwait and the UAE, to source additional volumes at terms similar to those of its annual contracts in a bid to avert any sharp rise in its domestic oil prices. Indian Oil’s move comes against India’s requirement to procure about 12 million tonnes of extra crude to urgently bridge the supply gap caused by the exit of Iran from its energy basket.

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History of this topic

Iran Asks India To Resume Oil Trade, Relax Visas
2 weeks 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 …

Middle East share of India’s Nov oil imports at 9-month high; Russia down
3 weeks, 3 days ago

Middle East share of India’s Nov oil imports at 9-month high; Russia down

Live Mint  

By Nidhi Verma NEW DELHI - India's November crude imports showed Middle Eastern oil at a 9-month high while Russia accounted for its smallest share in three quarters, ship tracking data obtained from sources showed. The world's third biggest oil importer and consumer in November shipped in 13% less Russia oil compared with October at 1.52 million barrels per day, …

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports
1 month ago

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports

Deccan Chronicle  

Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries, three sources familiar with the deal said.The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today's prices. The company declined …

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 …

OMCs should bargain with oil producers for discount: Petroleum minister Hardeep Singh Puri
7 months, 3 weeks ago

OMCs should bargain with oil producers for discount: Petroleum minister Hardeep Singh Puri

New Indian Express  

NEW DELHI: Domestic oil marketing companies should come together and negotiate with oil producing companies for a good discount on long-term contracts, said petroleum minister Hardeep Singh Puri on Wednesday. In India, state-owned companies such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation import the majority of crude oil. They previously received a discount of about $8–$10 …

India's crude oil output rises 7.9% to 2.3 MMT in February, imports decline 6.6% YoY: PPAC
9 months, 3 weeks ago

India's crude oil output rises 7.9% to 2.3 MMT in February, imports decline 6.6% YoY: PPAC

Live Mint  

India produced a total of 2.3 million metric tonnes of crude oil in February 2024 - registering a growth of 7.9 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. Crude oil imports decreased by 6.6 per cent and increased by 0.4 per cent during February 2-24 and April-February 2024 respectively, compared to the corresponding …

No disruption in oil flows to India, only freight up: HPCL head
11 months, 2 weeks ago

No disruption in oil flows to India, only freight up: HPCL head

The Hindu  

The ongoing attacks on shipping vessels by Houthi militants in the Red Sea have not impacted the flow of crude oil to India but freight has gone up due to rerouting via the Cape of Good Hope, Hindustan Petroleum Corporation Limited Chairman Pushp Kumar Joshi said. OPINION | The larger message to New Delhi from the Red Sea In a …

India's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC
11 months, 3 weeks ago

India's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC

Live Mint  

Crude oil imports increased by 1.1 per cent and 0.4 per cent during December 2023 and April-December 2023 respectively, compared to the corresponding period of the previous year. The cumulative natural gas consumption for the current financial year till December 2023 stood at 49,540 MMSCM, which was higher by 9.4 per cent compared with the corresponding period of the previous …

First rupee payment for oil to UAE: India looks for more deals, no targets: Officials
1 year ago

First rupee payment for oil to UAE: India looks for more deals, no targets: Officials

The Hindu  

India's first-ever payment in rupees for crude oil purchased from the UAE is helping the world's third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is a process and there are no targets. India in July signed an agreement with the UAE for rupee settlement …

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC
1 year, 1 month ago

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC

Live Mint  

India produced a total of 2.5 million metric tonnes of crude oil in October 2023 - registering a growth of 1.3 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. According to PPAC data, crude oil imports increased by 2.2 per cent and by 0.6 per cent during October 2023 and April-October 2023 respectively, compared …

Abu Dhabi considers investment worth $50 billion in India
1 year, 2 months ago

Abu Dhabi considers investment worth $50 billion in India

Firstpost  

Over the past decade, the two nations have been working to strengthen their relationship and have set a goal to increase non-oil bilateral trade to $100 billion. Notably, Modi’s recent visit to Abu Dhabi marked his fifth trip to the Gulf nation since assuming office as the Prime Minister in 2014. Earlier this year, India and the UAE set a …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 3 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

Buy ships to transport energy: Govt to oil cos
1 year, 3 months ago

Buy ships to transport energy: Govt to oil cos

Live Mint  

NEW DELHI : India’s public sector oil and gas companies are looking at purchasing ships to transport oil and gas following a Union government directive aimed to ensure energy security, two people aware of the development said. The move comes at a time of rising crude prices, a price cap on Russian oil, and a bar on the use of …

OPEC cuts 2023 oil demand outlook to 29 mbpd, Saudi cut gives 3 mbpd shortfall
1 year, 4 months ago

OPEC cuts 2023 oil demand outlook to 29 mbpd, Saudi cut gives 3 mbpd shortfall

Live Mint  

The Organisation of Petroleum Exporting Countries, in its latest monthly oil market report for September, has revised down the global oil demand for 2023 by 1 lakh barrels per day to 29.2 million barrels per day - which is 8 lakh bpd higher than 2022. The report comes days after Saudi Arabia and Russia, two of the most prominent members …

India, UAE make first-ever crude oil transaction in Rupees, Dhirams a month after PM Modi visit to Abu Dhabi
1 year, 5 months ago

India, UAE make first-ever crude oil transaction in Rupees, Dhirams a month after PM Modi visit to Abu Dhabi

India TV News  

In a major development for the trade relations between India and the United Arab Emirates, both countries will now settle their crude oil transactions using their respective national currencies. According to the Indian Embassy in Abu Dhabi, the UAE’s Abu Dhabi National Oil Company and Indian Oil Corporation Limited made their first-ever crude oil transaction in national currencies. "The first-ever …

ADNOC to supply gas to Indian Oil
1 year, 5 months ago

ADNOC to supply gas to Indian Oil

Live Mint  

New Delhi: State-run Indian Oil Corporation Ltd has signed an agreement with Abu Dhabi Gas Liquefaction Company Ltd for long term supplies of liquified natural gas. Under this long-term contract, ADNOC LNG would be supplying LNG to Indian Oil starting from 2026 for next 14 years, till 2039 for an annual volume up to 1.2 million metric tonnes per annum. …

Eye on oil: on oil prices and India
1 year, 7 months ago

Eye on oil: on oil prices and India

The Hindu  

The world’s largest grouping of crude oil producers, commonly known as OPEC+, agreed on Sunday to extend ongoing production cuts into 2024 as it seeks to keep oil prices from falling amid concerns about a global economic slowdown. OPEC major and leading producer Saudi Arabia also voluntarily vowed to reduce output by an extra 1 million barrels per day in …

India's import of Russian oil scales new high in May
1 year, 7 months ago

India's import of Russian oil scales new high in May

The Hindu  

India's import of cheap Russian oil scaled another record in May, 2023 and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the U.S., industry data showed. Organisation of the Petroleum Exporting Countries, mainly in the Middle East and Africa, made up for as much as 90% of all crude oil India imported at one …

India’s imports from OPEC at all-time low as demand for Russian oil goes up
1 year, 8 months ago

India’s imports from OPEC at all-time low as demand for Russian oil goes up

Live Mint  

Oil producers cartel OPEC's share in India's oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed. Organization of the Petroleum Exporting Countries nations, mainly in the Middle East and Africa, had a 72 per cent share of all crude oil India imported in April 2022. OPEC …

India is now Europe's largest supplier of refined fuels: Kplr
1 year, 8 months ago

India is now Europe's largest supplier of refined fuels: Kplr

The Hindu  

India has become Europe's largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data from analytics firm Kpler. Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show. It also means that more competition for Europe's …

Morning brief: Saudi, Russia plan to cut oil production. Will it impact India?
1 year, 9 months ago

Morning brief: Saudi, Russia plan to cut oil production. Will it impact India?

Hindustan Times  

Saudi's plan to cut oil production will put burden on India: Energy body People walk by an oil refinery operated by Bharat Petroleum Corp. Ltd., in Mumbai, India. International Energy Agency executive director Fatih Birol predicted that India's oil import bill is likely to increase in the second half of the year following the decision to cut in oil production …

OPEC+ output cut could lead to higher oil prices and increase India’s import expense: IEA
1 year, 9 months ago

OPEC+ output cut could lead to higher oil prices and increase India’s import expense: IEA

India TV News  

The International Energy Agency called OPEC+’s move to limit oil production “risky for the global economy”, saying it could push up already high prices, resulting in greater import costs for countries like India. In response to an inquiry on the potential impact of Saudi Arabia’s reduction in oil production on countries such as India, Fatih Birol, Executive Director of the …

India's Russian oil imports now double that of Iraq
1 year, 9 months ago

India's Russian oil imports now double that of Iraq

The Hindu  

India's imports of crude oil from Russia touched a new high of 1.64 million barrels per day in March and is now double of the purchases from Iraq — the nation's traditional top oil supplier. The purchases from Russia in March were double of 0.82 million barrels per day of oil bought from Iraq, which has been India's top oil …

India's Russian oil imports highest ever in February at 1.6 million barrels a day
1 year, 10 months ago

India's Russian oil imports highest ever in February at 1.6 million barrels a day

Hindustan Times  

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict in February 2022, Russia's share of India's …

UAE in discussion with India to trade non-oil commodities in rupees
1 year, 11 months ago

UAE in discussion with India to trade non-oil commodities in rupees

Firstpost  

Majority of Gulf trade is carried out in US dollars. However, several countries including India and China have been increasingly seeking to pay in local currencies as it lowers transaction costs apart from several other benefits Switzerland: The United Arab Emirates is in discussion with India to trade non-oil commodities in Indian rupees, Emirati Foreign Trade Minister Thani Al Zeyoudi …

India's oil import from Middle East at a 19-month low, Russia now second largest supplier: Reports
2 years, 2 months ago

India's oil import from Middle East at a 19-month low, Russia now second largest supplier: Reports

Op India  

India’s oil imports from the Middle East dropped to a 19-month low in September, while Russian imports surged, despite refining outages reducing overall crude imports, according to trade and shipping data. India’s total oil imports in September slumped to a 14-month low of 3.91 million barrels per day, down 5.6% from the previous year, due to maintenance at refineries such …

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 …

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. …

Saudi Arabia overtakes Russia to be India's No. 2 oil supplier in August
2 years, 4 months ago

Saudi Arabia overtakes Russia to be India's No. 2 oil supplier in August

The Hindu  

Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed. India, the world's third biggest oil importer and consumer, shipped in 8,63,950 barrels per day of crude from Saudi Arabia, up 4.8% from the previous …

Saudi Arabia overtakes Russia to be India's No. 2 oil supplier in August
2 years, 4 months ago

Saudi Arabia overtakes Russia to be India's No. 2 oil supplier in August

Hindustan Times  

Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed. 2 oil buyer after China India, the world's third biggest oil importer and consumer, shipped in 863,950 barrels per day of crude from Saudi Arabia, …

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 …

India’s future crude oil supplies will mostly come from Gulf: Oil Minister
2 years, 4 months ago

India’s future crude oil supplies will mostly come from Gulf: Oil Minister

The Hindu  

India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri said most of his country’s crude oil supplies in the near future will come from the Gulf countries, including Saudi Arabia and Iraq, as it seeks a secure and affordable energy base. “As far as India is concerned, I see for the foreseeable future much of our crude oil supplies …

India's crude oil production falls 3.8% in July on lower output from field operated by ONGC, private sector firms
2 years, 4 months ago

India's crude oil production falls 3.8% in July on lower output from field operated by ONGC, private sector firms

Firstpost  

Production of crude oil, which is refined to produce fuels such as petrol and diesel, fell to 2.45 million tonnes in July from 2.54 million tonnes a year back New Delhi: India’s crude oil production fell 3.8 per cent in July on lower output from fields operated by state-owned ONGC and private sector firms, government data released on Tuesday showed. …

India eases Russian oil buying in July, boosts Saudi imports
2 years, 4 months ago

India eases Russian oil buying in July, boosts Saudi imports

The Hindu  

India's crude oil imports from Russia in July fell for the first time since March along with its overall purchase while supplies from Saudi Arabia rebounded for the first in five months, data obtained from trade and industry sources showed. Overall India, the world's third biggest oil importer and consumer, shipped in 3.2% less oil in July at 4.63 million …

Russia seeking oil payments from India in dirhams- Reports
2 years, 5 months ago

Russia seeking oil payments from India in dirhams- Reports

Live Mint  

Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions. Russian oil major Rosneft is pushing crude through trading firms including Everest Energy and Coral Energy into India, now its …

Explained | Why are India’s economic stakes high in West Asia?
2 years, 7 months ago

Explained | Why are India’s economic stakes high in West Asia?

The Hindu  

The story so far: The diplomatic fallout from the provocative and communally charged comments made by two erstwhile spokespersons of the ruling Bharatiya Janata Party, forced the government into firefighting mode earlier this month after several West Asian nations including Qatar, Kuwait, Iran, Bahrain, Oman, Iraq, Saudi Arabia and the UAE as well as the 57-nation Organisation of Islamic Cooperation …

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's oil imports from US to rise by 11% amid criticism over Russia purchase
2 years, 9 months ago

India's oil imports from US to rise by 11% amid criticism over Russia purchase

Hindustan Times  

India's oil imports from the United States will rise by 11 per cent this year, officials told Reuters as the country looks to secure supplies from around the world, including heavily sanctioned Russia. AP/PTI India is also looking to Russia; Indian Oil Corp has ordered three million barrels and Hindustan Petroleum Corp has booked two million barrels, Reuters said. Oil …

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 …

Reliance eyes first oil cargo from UAE trade arm in December: Sources
3 years, 1 month ago

Reliance eyes first oil cargo from UAE trade arm in December: Sources

The Hindu  

India’s Reliance Industries Limited, operator of the world’s biggest refining complex at Jamnagar in Western India, aims to get the first cargo of oil from its new Abu Dhabi-based trading unit in December, a source familiar with the matter said. Abu Dhabi National Oil Co, which has leased part of the strategic petroleum reserve at Mangalore in southern India, supplied …

Reliance eyes first oil cargo from UAE trade arm in Dec: Report
3 years, 1 month ago

Reliance eyes first oil cargo from UAE trade arm in Dec: Report

Live Mint  

India's Reliance Industries Ltd, operator of the world's biggest refining complex at Jamnagar in Western India, aims to get the first cargo of oil from its new Abu Dhabi-based trading unit in December, a source familiar with the matter said. Abu Dhabi National Oil Co, which has leased part of the strategic petroleum reserve at Mangalore in southern India, supplied …

India to release 5 millon barrels of crude oil from strategic reserves
3 years, 1 month ago

India to release 5 millon barrels of crude oil from strategic reserves

The Hindu  

India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the U.S., Japan and other major economies to cool international oil prices, a top government official said on November 23. This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in …

Fuel prices likely to drop further as Centre decides to release crude oil from its reserves
3 years, 1 month ago

Fuel prices likely to drop further as Centre decides to release crude oil from its reserves

India Today  

The prices of petrol and diesel could see a further drop in the coming days as the Centre has decided to release five million barrels of crude oil from its Strategic Petroleum Reserves. The release of five million barrels of crude oil will happen in parallel and in consultation with other major global energy consumers, including the US, China, Japan …

Why Opposition’s claims on oil price rise are nothing but crude propaganda
3 years, 2 months ago

Why Opposition’s claims on oil price rise are nothing but crude propaganda

Firstpost  

Fuel prices have risen not only in India, but elsewhere too. Even if one ignores it, the fact is that state government taxes account for 41.67 per cent of the final petrol price Crude oil prices have been rising steadily since the beginning of 2021 when Brent Crude was trading at about $52 per barrel, buoyed both by hopes of …

India overhauls petroleum reserve policy to boost private interest: Report
3 years, 5 months ago

India overhauls petroleum reserve policy to boost private interest: Report

Live Mint  

India has decided to commercialise half of its current strategic petroleum reserves as the nation looks to enhance private participation in the building of new storage facilities, two government sources told Reuters on Thursday. Private entities taking storage on lease will be allowed to re-export 1.5 million tonnes of oil stored in the caverns in the case of Indian companies …

India overhauls petroleum reserve policy to boost private interest: Report
3 years, 5 months ago

India overhauls petroleum reserve policy to boost private interest: Report

Live Mint  

India's approval to commercialisation of strategic petroleum reserves mirrors a model adopted by countries such as Japan and South Korea India has decided to commercialise half of its current strategic petroleum reserves as the nation looks to enhance private participation in the building of new storage facilities, two government sources told Reuters on Thursday. {{^adFree}} {{/adFree}} Private entities taking storage …

India’s June oil imports hit their lowest in nine months
3 years, 5 months ago

India’s June oil imports hit their lowest in nine months

The Hindu  

India’s crude oil imports in June fell to their lowest in nine months, as refiners curtailed purchases amid higher fuel inventories due to low consumption and renewed COVID-19 lockdowns in the previous two months. The world’s third-biggest oil importer and consumer, India shipped in about 3.9 million barrels per day of crude last month, about 7% down from May, but …

‘Want oil firms to synergise imports for better prices’ says Tarun Kapoor
3 years, 6 months ago

‘Want oil firms to synergise imports for better prices’ says Tarun Kapoor

Hindustan Times  

The Union government is holding parleys with state-run energy firms and private refiners to synergise imports of crude worth over $100 billion annually so that they can collectively bargain better prices from global oil producers at a time when auto fuel rates have soared over ₹100 per litre in several Indian cities. Benchmark Brent crude, which fell to $19.33 a …

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, …

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