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India will not allow Iran to buy oil from Iran |
The United States has announced that it will not allow eight countries including India to buy crude oil from Iran after May 2 this year. It is noteworthy that in November 2018, the US had given eight countries including India a six-month rebate to buy limited quantity of crude oil from Iran.
Among the importers of oil from Iran, India is second largest importer after China. India had bought 2.26 million tonnes of crude oil from Iran in 2017-18, and after the ban was imposed, it was reduced to 1.50 million tonnes per annum.
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