India has 'Plan D' ready for Iran oil as Trump adds sanction pressure

IOC plans to buy 7 million tons of crude from Iran in the year ending March 31 versus 4 million tons in the previous fiscal year

One of Iran’s biggest oil buyers said it has enough alternative sources of crude to replace any supplies cut off by US sanctions on the Persian Gulf state — even if shipments stop completely.

Indian Oil Corp Chairman Sanjiv Singh says Saudi Arabia alone can cover most of the world’s supply shortfall in case Iran’s oil exports dry up. Also a narrowing spread between Brent crude and Dubai oil gives Indian Oil even more options, the head of the state-run refiner known as IOC, one of Iran’s largest customers, said in an interview.

“We have a very wide crude basket.