Under the current terms and conditions laid down in the current waiver, India could buy 300,000 barrels per day of Iranian oil — about half of what it imported before the sanctions were imposed. Sources said that India wants to keep oil imports from Iran at the same level. After the sanctions took effect in November last year, only state-run Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Mangalore Refinery and Petrochemicals have been buying Iranian oil.
India decides to wait and watch
"Sanctions against IRGC (Islamic Revolutionary Guard Corps) have also added to the uncertainty over supply of Iranian oil … in the current scenario when enough alternatives are available it is better to wait for a clarity," said another source. On Monday, US President Donald Trump designated Iran's Guards as a foreign terrorist organisation.
US pursuing plan to bring Iran crude export to zero
According to Brian Hook, the special US envoy for Iran, Washington is pursuing its plan to bring Iranian crude exports to zero. Last week, Hook had said that three of eight importers who had been granted a waiver by the US had cut their oil shipments to zero.