Iran’s oil minister said on Sunday that US sanctions on Iran and Venezuela and tensions in Libya have made the supply-demand balance in the global oil market fragile; he warned of consequences for increasing pressure on Tehran.
India imported about five percent more oil from Iran in the last fiscal year through March as companies raised purchases ahead of US sanctions against Tehran from November, preliminary tanker arrival data obtained from shipping and industry sources showed.
Iranian oil exports, which have been struggling due to US sanctions since late last year, have recovered close to prior levels, supported by unflinching demand from China and South Korea, data from shipping sources and provisional tanker tracking data showed.
that would allow the South Asian country to import Iranian oil without any repercussions. India was granted a six-month waiver to purchase oil from Iran after US sanctions on Iran went into effect in November 2018.