New Delhi: A day after a surge in crude oil prices sent Sensex and Nifty to their steepest drop this year, the Indian government issued a statement spelling out the country’s ‘robust’ energy sourcing plan starting May.
This comes in the backdrop of US secretary of state Mike Pompeo on Monday announcing that the Trump administration would no longer grant exemptions, with the conditional waiver set to expire on 2 May. The US had granted exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey ‘to ensure a well-supplied oil market’ in November last year for six months after it reimposed sanctions on Iran.
“The Government of India has put in place a robust plan to ensure that there is adequate supply of crude oil to Indian oil refineries from May 2019 onwards.
