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India to resume buying oil from Iran once U.S. sanctions ease

India will look to resume buying crude oil from Iran the moment U.S. sanctions are eased, helping it diversify its import basket, a senior government official said.

India stopped importing oil from Iran in mid-2019 following sanctions on the Persian Gulf nation by the Trump administration.

The U.S. and other world powers are meeting in Vienna to revive the Iran nuclear deal.

“Once the sanctions are lifted, we can look to resume oil imports from Iran,” the official, who did not wish to be identified, said.

Indian refiners have begun preparatory work and can swiftly enter into contracts once the sanctions are lifted, he said.

 

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