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Govt set to buy Iran oil for emergency reserves: Sources

The step comes as Iran's daily crude exports to India surged to the highest level in 15 years in August

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Oil

Reuters  |  New Delhi 

Govertment is set to buy 6 million barrels of Iranian crude for its strategic oil reserves as negotiations with the United Arab Emirates' national oil company for supplies are stuck over commercial terms, industry sources said. Such purchases by the world's No.3 crude importer would boost Iran's drive to ramp up its oil shipments as it looks to regain market share following the lifting of sanctions over its disputed nuclear programme. Oil markets have been keenly focused on Iranian export volumes over the last few weeks as they get closer to pre-sanction levels - a ...

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First Published: Tue, September 20 2016. 12:43 IST
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