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Report: Indian Oil to buy 6 MMbbl of US oil exports ahead of Iran sanctions

Refiner Indian Oil Corp. Ltd. has inked a deal to purchase 6 million barrels of crude oil from the United States for delivery in November to January 2019, in preparation for upcoming U.S. sanctions on Iranian oil exports, according to an Aug. 8 article from Reuters.

The company will buy 2 MMbbl of Mars oil in November, a combination cargo of 1 MMbbl of Eagle Ford and 1 MMbbl of Mars in December and 2 MMbbl of Louisiana Light Sweet in January 2019, a source cited by Reuters said. A purchase price for the oil was not disclosed.

In early May, President Donald Trump announced that the U.S. would withdraw from the 2015 Iran nuclear pact and that economic sanctions suspended under the deal would resume, leaving businesses that entered into contracts based on the agreement with either 90 days or 180 days to cease those operations. Sanctions impacting the oil sector will begin in November.