India placed oil orders with Iran for NovemberStaff Writer | October 27, 2018
Public sector companies in India placed orders with Iran for oil supply during November, said Sunjay Sudhir, joint secretary for international cooperation at the Ministry of Petroleum and Natural Gas.
Asia India imports more than 80 percent of its crude oil needs
India imports more than 80 percent of its crude oil needs, and 65 percent of the supply comes from the Middle East: Iraq, Saudi Arabia and Iran and the other two main suppliers are Venezuela and Nigeria.
In July 2015, Iran and the five permanent members of the Security Council of the United Nations (China, France, Russia, the United Kingdom, the United States) plus Germany, and the European Union signed the so-called Joint Comprehensive Plan of Action Plan (JCPOA) that established limitations on Tehran's nuclear program.
However, last May U.S. President Donald Trump announced the withdrawal of his country from the JCPOA, under the assumption that Iran secretly develops a nuclear program.
Although 12 consecutive reports of the International Atomic Energy Agency affirmed the opposite, the United States government restored sanctions against the country on August 7.
Now, Washington plans to activate a package of restrictions on Iran's oil sector on November 5. ■