With international nuclear sanctions on Iran being lifted on Sunday, India will resume its unrestricted import of oil from the Persian Gulf nation. State-run Indian Oil Corp ( IOCBSE -2.01 %) here told IANS that the possibility of freely importing oil from Iran, to be paid for now in US dollars, comes at a time when global prices are expected to plunge further with Iranian oil adding to the supply glut. Iran is expected to increase its export of 1.1 million barrels of oil per day by 500,000 soon, followed by a further 500,000 bpd thereafter. Iran is expected to increase its export of 1.1 million barrels of oil per day by 500,000 soon, followed by a further 500,000 bpd thereafter. The lifting of sanctions came after US Secretary of State John Kerry issued a statement confirming the International Atomic Energy Agency has verified that Iran “has fully implemented its required commitments”.
Prime Minister Narendra Modi will dedicate the 15 million metric tonnes per annum refinery, which will primarily produce BS-VI fuels to serve the eastern and southeastern markets, to the nation on February 7.