Business

Saudi Arabia To Supply Additional 4 Million Barrels Of Crude Oil To India In November

JAVED SAIFI | 0
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| October 11 , 2018 , 14:35 IST

The world’s largest oil exporter, Saudi Arabia will supply an additional four million barrels of crude oil to Indian oil buyers in November, media reported on Wednesday.

According to reports, the additional oil supply indicates a willingness by Saudi Arabia to increase crude supply to make up the shortfall once the US starts sanctions on Iranian oil export from November 4.

Iran is the third largest producer in the Organization of the Petroleum Exporting Countries (OPEC) and India's top supplier of oil needs.

Hindustan Petroleum Corporation (HPL), Reliance Industries Limited (RIL), Mangalore Refinery Petrochemicals Limited and Bharat Petroleum Corporation have also asked an additional 1 million barrels each from Saudi Arabia in November.

Also Read: US Considers Alternatives For 'Friend' India's Iranian Oil Supply

As the US is ready for a tougher round of sanctions on Iran from November 4, the US President Donald Trump administration had recognises India’s need of substantial oil imports portion from Iran and ensures to provide alternatives options.

The US had made it clear that any country that continues to do business with Iran will be blocked from accessing the American banking and financial system.

The US directive came after withdrawing from the Iran Nuclear Deal in May this year and reimposing sanctions on Iranian oil exports.