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With Saudi acting pricey, India prepares to buy Iranian crude as soon as US sanctions ease India imports more than 85% of its total oil needs. Getting access to Iranian crude would bring a number of benefits, including cheaper barrels and a longer credit cycle. Debjit Chakraborty 8 April, 2021 3:57 pm IST Text Size: A+ Mumbai: India’s state-run oil refiners are ready to snap up Iranian crude the moment U.S. sanctions are eased, according to a government official. Refiners have started making preparations in advance of the possible removal of penalties so they can swiftly enter into contracts for Iranian supply, said a senior oil ministry representative, asking not to be named because they’re not authorized to speak to the media. This includes drafting commercial terms and putting in place mechanisms to quickly assess crude quality, the official said.

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