India continues to buy Iranian Oil
India said it will continue to remain the biggest buyer of crude oil from Iran and its companies will find ways to work around the financial restrictions imposed on oil purchases.
“We are still the biggest buyers of oil. We will continue doing so. Companies pick and chose,” government sources said while noting that the companies had trouble with insurance which was being resolved.
They said, the companies will also analyze the impact of these sanctions on their other businesses.
National Iranian Oil Company has offered India and other countries the use of fully-insured Iranian vessels.
The countries purchasing Iranian oil can ship supplies through Iranian oil tankers that have full insurance cover, Mohammad-Ali Khatibi, Director of National Iranian Oil Company for International Affairs, said here.
He said factors like fundamental supply and demand issues, geopolitical issues and psychological concerns have had an impact on global market of crude oil.