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Indian refiners can tap Saudi Arabia, Iraq or Latin American countries as alternative sources for crude oil, even as they adopt a wait-and-watch strategy on the ongoing Iran-US tension. A high-level inter- ministerial delegation from India is set to leave for Tehran on Monday.
In the global market on Friday, oil headed for a weekly decline in New York after a proposed European Union embargo of Iranian crude imports against the nation's nuclear programme was said likely to be delayed for six months, Bloomberg reported.
Futures were little changed after sliding the most in two weeks yesterday to the lowest settlement this year.
The embargo postponement will allow countries such as Greece, Italy and Spain to find alternative supplies, according to an EU official with knowledge of the talks.
More US Sanctions
Meanwhile, in an effort to further intensify pressure on Iran, the US on Thursday imposed sanctions on China's state-run Zhuhai Zhenrong Corp, which it said was Iran's largest supplier of refined petroleum products. In addition, the US Secretary of State, Ms Hillary Clinton, imposed sanctions on Singapore's Kuo Oil Pte Ltd and FAL Oil Company Ltd, an independent energy trader based in the United Arab Emirates, the State Department said in a notice, Reuters reported.
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