NEW DELHI (Reuters) – Saudi Aramco will supply state-run Indian Oil Corp Ltd (IOC) an extra 2 million barrels of crude a month from July to December, an IOC executive said on Friday, as New Delhi seeks to make up for a loss in supplies from Iran.
FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
Saudi Arabia approached Indian buyers last month offering them additional supplies to compensate for lost Iranian oil after U.S. sanctions kicked in. The United States, which imposed new sanctions on Iran in November, initially gave Indian and seven other buyers a six-month waiver to allow them to continue importing Iranian