With the US government ending sanction waivers for importing oil from Iran, India is planning to step up supplies from countries including the US, Saudi Arabia, UAE, Mexico, Kuwait and Bahrain in order to minimize the impact, government sources said Tuesday.
With oil imports from Iran likely to come to a halt, the government expects volumes to go up from other countries. In the absence of a relatively cheaper source of oil supplies (Iran), prices of crude oil imports are expected to rise. Global oil prices have been rising for the last couple of days after the United States said it will stop granting sanction waivers to any country importing Iranian crude or condensate beginning May 2, 2019.
