Economics
India Has ‘Plan D’ for Iran Oil After Trump Adds Sanction Pressure
- Indian Oil prepared with back-up plan if Iran oil is denied
- Wide oil basket allows India to process variety of crudes: IOC
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One of Iran’s biggest oil buyers said it has enough alternative sources of crude to replace any supplies cut off by U.S. 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 said in an interview.