News reports said Saudi Arabia will supply India with additional four million barrels of crude oil in November.
This step aims at making up the shortfall resulted by U.S. sanctions on Iran’s oil experts.
Several refineries in India have indicated they will stop dealing in Iranian barrels because of the sanctions.
Reliance Industries Ltd, Hindustan Petroleum Corp., Bharat Petroleum Corp and Mangalore Refinery Petrochemicals Ltd. Are seeking an additional 1 million barrels each in November from Saudi Arabia, Times of India reported.
The Indian refiners are concerned about the loss of Iranian crude oil once the sanctions come into force and are seeking exemptions; they have already placed orders to buy 9 million barrels from Iran in November.
India imports an average of 25 million barrels per month from Saudi Arabia.