India is going to continue buying Iranian oil in November despite the U.S. sanctions, Reuters reported citing sources close to the Indian oil industry.
“Refiners have placed November nominations to lift 1.25 million tons (about 9 million barrels) of oil from Iran,” Reuters quoted a source as saying.
As reported, Indian Oil Corp will lift six million barrels of Iranian oil while Mangalore Refinery and Petrochemicals Ltd ships in three million barrels.
Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower.
In the previous round of sanctions from 2012 to 2015, India continued to buy Iranian crude although it had to cut purchases significantly to protect its wider exposure to the U.S. financial system.
The United States plans to impose new sanctions targeting Iran’s oil sector on November 4, however a U.S. government official said the Trump administration is “in the midst of an internal process” of considering waivers for countries that are reducing imports of Iranian crude.
The official spoke on the condition of anonymity.