Indian refiners stop crude oil from Iran

Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing their dependence on other Middle Eastern suppliers like Saudi Arabia and Iraq, Moody’s Investors Service said on Thursday.

India is the second largest buyer of Iranian crude after China, accounting for about 30 per cent of total crude exports from the Persian Gulf nation during April-August 2018. Indian refineries, which import over 80 per cent of their crude feedstock from overseas, sourced about 14 per cent of their imports from Iran

US President Donald Trump earlier this week in a speech to the United Nation’s General Assembly reiterated sanctions on Iranian oil exports will take effect on November 5 and that the US is working with countries that import Iranian oil to cut their purchases substantially.