Suppliers of sanctioned crude oil led by Iran are making a beeline for Indian shores, after India encouraged imports of cheap Russian crude last year defying western pressure and sanctions, permitting Moscow to capture over 40 per cent of India’s oil market.
Traders in the Middle East have approached Indian state-run refiners in the last few weeks with offers for sanctioned Iranian grades at deep discounts, industry sources said. Traders in Dubai contacted Indian state-run refiners offering Iranian crude at discounted prices, refining officials said. State-run refiners led by IndianOil, Bharat Petroleum and Hindustan Petroleum bought a combined 350,000 barrels per day of Iranian crude in 2018.