Indian refiners are holding back from ordering Iranian oil for loading in May pending clarity on whether Washington will extend a waiver from U.S. sanctions against the OPEC-member, four sources said.
In November, U.S. President Donald Trump withdrew from the 2015 Iran nuclear deal and re-imposed broad economic sanctions. Washington, however, gave a six-month waiver to eight nations including India, allowing them to import some Iranian oil until early May. India, Iran’s top oil client after China, was allowed to buy about 9 million barrels a month. India hopes to get clarity in seven to 10 days on any extension of the waiver, as well as the amount of oil that could be purchased if an extension is given, the sources said.