ENERGY

India says it has ‘robust plan’ to guarantee oil supply after end to Iran waivers

India's Oil Minister Dharmendra Pradhan said on Twitter that India has put in place a robust plan for adequate supply of crude oil to refineries. (Reuters)

India said on Tuesday its refineries will have adequate oil supplies, thanks in part to imports from other producers, despite the United States’ demand that buyers of Iranian oil stop purchases by May 1 or face sanctions.

“There will be additional supplies from other major oil-producing countries from different parts of the world,” India’s Ministry of Petroleum and Natural Gas said in a statement on Tuesday, adding it had a robust plan in place to ensure supply.

“The Indian refineries are fully prepared without any problem to meet the national demand for petrol, diesel and other petroleum products in the country.”

Refiners in India, the world’s third-biggest oil importer and Iran’s top oil client after China, had almost halved their Iranian oil purchases since November when petroleum sanctions went into effect. At the time, the United States granted waivers from sanctions, known as significant reduction exceptions (SRE), for six months to countries that purchased some amounts of Iranian crude, including India.

US President Donald Trump said on Monday that Saudi Arabia and other OPEC nations could “more than make up” for any drop in Iranian oil supplies to global markets now that the waivers are ended.

Saudi Arabia, the world’s biggest oil exporter, said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market.

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Last Update: Tuesday, 23 April 2019 KSA 21:38 - GMT 18:38
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