India’s Reliance to halt oil imports from Iran from Oct-Nov – sources

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag. (File photo: Reuters)

India's Reliance Industries Ltd, owner of the world’s biggest refining complex, is planning to halt oil imports from Iran, two sources familiar with the matter said, in a first sign that new US sanctions are forcing buyers to shun oil purchases from Tehran.

Reliance’s call to quit buying oil from Iran followed Washington’s decision to abandon the 2015 nuclear accord which has raised the threat of sanctions on entities dealing with Iran, after “wind-down” periods of three to six months expire.

Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53