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India to stop importing crude oil from iran

India which is the world’s third-biggest oil consumer meets more than 80 per cent of its oil needs through imports. In 2017-18, Iran was India’s third-largest supplier after Iraq and Saudi Arabia and about 10 per cent of total needs were met through imports from Iran. India can avail optional volumes (over and above the term contracts) from a number of suppliers which it can exercise to make up for any shortfall from Iran. India also plans to avail the route of spot market to source crude. But the cause of concern is more related to prices in India. When President Trump had first pulled out of the nuclear deal, oil shot up to over USD 85 a barrel and it fell to near USD 50 after the US administration unexpectedly granted the waivers.