Iran May Lose $2.5 Billion Sales as India Seeks U.S. Waiver

Iran, which dropped two places to become India’s fourth-largest crude supplier last year, may lose $2.5 billion of revenue as global sanctions prompt the South Asian nation to reduce purchases.

Indian refiners may cut oil imports from Iran by as much as 20 percent in the year starting April 1 as the government seeks to keep its exemption from U.S. penalties on countries that trade with the Persian Gulf state, according to a Bloomberg News survey of five refinery officials.