Defying the Trump administration’s warning for countries to completely stop buying Iranian oil, two Indian firms have placed orders to import crude from the Islamic Republic, India’s minister of petroleum and natural gas announced.
“We have to fulfill all our domestic requirements,” said the minister, Dharmendra Pradhan, addressing the strains the world’s third-largest oil importer now faces in attempting to find other sources.
On Tuesday, oil prices rose amid falling Iranian exports. Brent crude, the international benchmark, was up 65 cents to $84.56 a barrel. Last week it hit a four-year high of $86.74.
Speaking Monday in New Delhi at an energy forum, Mr. Pradhan also discussed the possibility of India using its currency, the rupee, to pay for Iranian crude.
That would signal a willingness by India to sidestep U.S. sanctions because the U.S. dollar is the dominant currency for the global oil trade.