India to receive millions of barrels of Iranian oil within a month

Indian refiners are about to get two very large crude carriers carrying 4 million barrels of Iranian oil this month - one each at Paradip in the east and Kochi in the west, Reuters reported.

Indian companies have increased spot purchases from the US and are reportedly under the government pressure to tie up long-term contracts.

However, US commerce secretary Wilbur Ross on Monday said the US government will not ensure sale of its oil to India at cheaper rates.

Indian refiners have said they want to continue buying Iranian oil for which they are accorded free shipping and an extended credit period. 

On Tuesday, Ross warned India against any retaliatory tariff in response to the United States’ planned withdrawal of trade privileges.

The US is India’s second-biggest trade partner after China. Indian officials have raised the prospect of higher import duties on more than 20 US goods if President Donald Trump presses ahead with a plan to end preferential duty-free imports from India.

Ross said India’s new e-commerce rules could hurt future investments by the US in the South Asian country, even as he said he was hopeful that US firms would win defense deals from India in future.