India Anticipates Iranian Oil Purchases in Hopes US Lifts Sanctions

India's state-run oil refiners are preparing to buy Iranian crude oil due to expectations that the new U.S. administration will ease sanctions on the Middle Eastern nation, according to a senior oil ministry representative, Bloomberg reported April 8. Indian refiners are making preparations so that purchasing contracts can be quickly executed when sanctions are lifted. Preparations include drafting commercial terms and enacting a system to quickly assess crude quality, the outlet reported. The desire for Iranian oil comes from India's dissatisfaction about the prices of oil from Saudi Arabia. Indian refiners have been buying oil from Guyana and Norway while also importing more from the U.S. India imports more than 85% of its total oil, Bloomberg said.