India is negotiating with Saudi Arabia and the UAE for crude on term contracts to make up for a shortfall in Iranian oil because of the withdrawal of the waivers by the US.
“Talks are on with Saudi Arabia, UAE, Kuwait and other Opec members to enter into additional term contract to bridge the void left by the non-availability of oil from Tehran,” oil ministry officials said.
They said the plan was to buy 15-20 million tonnes (mt) from the two West Asian countries.
Iran is a principal source of crude for India, accounting for almost a tenth of its imports in 2017-18. India bought 22.6 mt, in 2017-18 from Iran but brought it down to 15 mt last fiscal as the sanctions against Iran was partially in place.
