Iran Sanction News

S. Jaishankar says India wants predictable and affordable supply of energy. India in dialogue with all suppliers including Iran.Jaishankar's statement comes in the backdrop of drone attacks on Saudi Aramco’s facilities causing the biggest ever disruption in oil suppliers

Prices head lower after big gains last weekUS imposes sanctions on Iranian leadership

Oil has rallied about 40% this year as supply cuts'Crude prices are rising because investors view OPEC wants to tighten supply,'

India was Iran's top oil client after China, but halted imports after Washington reimposed sanctions on Iran and later withdrew waivers to eight nationsThe sanctions have more than halved Iran's oil exports to 1 million barrels per day (bpd) or less, from a peak of 2.8 million bpd last year

Indian foreign ministry spokesman Raveesh Kumar told reporters that India’s decision to import oil was based on many factorsIndia had previously said that it would only adhere to UN sanctions and not strictures imposed by specific countries on Iran

India will get extra supplies from other oil producing countries to compensate for loss of Iranian oil: Foreign ministryIndia was Iran's top oil client after China

Indian refiners are looking for sources of new crude oil supply to feed their refineries with heavy sweet crude, in addition to importing from IraqIndian refiners prefer the heavy sweet crude supplied by Iran and Venezuela, which helps them produce low-sulphur fuel oil

The six-month waiver granted by the US to 8 countries was to expire on May 2In 2013-14 and 2014-15, India bought 11 million tonne and 10.95 million tonne, respectively from it

In May last year, US President Donald Trump withdrew from the 2015 nuclear accord with Iran, reimposing economic sanctions against the Persian Gulf nation.

The European Union on Tuesday froze the assets of an Iranian intelligence unit and two of its staff, as the Netherlands accused Iran of two killings on its soil