A report on Wednesday said that Saudi Arabia the largest exporter of Crude would be fulfilling India's shortage of crude owing to the impact of US sanctions.
Sources informed Reuters that this decision from Saudi reflected an intention to help bulk crude importers such as China and India.
So far, there is nothing concrete about the US sanctions. But, refiners such as Reliance, HPCL, BPCL, and Mangalore Refineries are looking to procuring 1 million barrels from Saudi for the month of November.
US Sanctions on Iran's, a member of OPEC cartel, exports of crude will commence from November 4. Dharmendra Pradhan, India's Union Minister for Oil and Petrochemical was quoted on Monday as saying that Indian refiners will continue importing oil from Iran.
Amid refiners and the impending crisis of crude supplies, Indian refiners have planned to import 9 million barrels from Iran for the month of November.