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Tuesday, 20 September 2016

India set to buy Iran oil for emergency reserves: sources | Reuters

India set to buy Iran oil for emergency reserves: sources | Reuters:

"India 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 program.

Oil markets have been keenly focused on Iranian export volumes over the last few weeks as they get closer to pre-sanction levels - a milestone that Tehran has said is a precondition for discussing a global output freeze to boost crude prices."



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