Indian Petroleum and Natural Gas Minister Dharmendra Pradhan said on Tuesday that his country will get additional supplies from other major oil producing countries to compensate for the loss of Iranian oil, according to Reuters.
The announcement follows the demand by the United States on Monday that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which had allowed Iran’s eight biggest buyers, most of them in Asia, to continue to import limited volumes. India is the world’s third-biggest oil importer and Iran’s top oil client after China. Refiners had almost halved their Iranian oil purchases since November when the petroleum sanctions went into effect.