Opec Secretary-General Mohammed Sanusi Barkindo said India's crude oil demand was expected to rise by 5.8 million bpd by 2040, accounting for around 40% of the global demand rise by then
Data compiled by Reuters shows that India imported about 3.46 million tonnes, or about 279,000 bpd, from Iran between April and June last year
US Secretary of State Mike Pompeo indicated that the Trump administration was willing to show some flexibility to countries like India, which is the second largest buyer of Iranian crude
An expert said that while Saudi Arabia was expected to boost supply to India in the short term, those barrels would not match the quality of the missing Venezuelan crude
IOC plans to buy 7 million tons of crude from Iran in the year ending March 31 versus 4 million tons in the previous fiscal year
India has said it does not recognise unilateral restrictions imposed by the US, and instead follows UN sanctions
Overall, India imported 4.51 million bpd in April, 2.5 percent higher than a year ago, the data showed
Pradhan was speaking on the sidelines of a roadshow in Singapore for investors to explore oil and gas in India