India has optional volumes from Saudi, others to make up for shortfall from Iran

NEW DELHI: Indian oil companies like IOC have optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq that will be more than enough to make up for any shortfall in supplies from sanctions-hit Iran, senior officials said on Monday.

India had contracted to import about 25 million tonnes of crude oil from Iran in the fiscal year 2018-19 (April 2018 to March 2019), up from 22.6 million tonnes imported in 2017-18.