India will resume buying crude oil from Iran once the US sanctions are eased, an Indian Oil Corporation (IOC) executive on Thursday said, adding Iranian crude was beneficial for Indian refineries.
India stopped importing oil from Iran in mid-2019 following sanctions on the Persian Gulf nation by the Trump administration.
US President Joe Biden’s administration and Iran have been involved in talks to revive the nuclear deal in exchange for the lifting of sanctions.
“I do not have any doubt why we will not be buying Iranian crude if sanctions are lifted,” IOC Director (Finance) S K Gupta said on a conference call with investors to discuss earnings.
