With Iran facing US sanctions, India is looking to Saudi Arabia and the United Arab Emirates to fill some crude oil needs. The latter two producers have said they have the spare capacity to provide the shortfall for Iranian oil buyers such as India. Saudi Arabia already produces around 10.7 million bpd, but will increase its crude output when US imposes sanctions on Iran come the start of 2018. Despite these contingency plans, India intends to keep importing some Iranian oil and is hoping to receive a waiver from the US. During the previous sanction on Iran, India continued importing oil.
With Iran facing US sanctions, India is looking to Saudi Arabia and the United Arab Emirates to fill some crude oil needs. The latter two producers have said they have the spare capacity to provide the shortfall for Iranian oil buyers such as India. Saudi Arabia already produces around 10.7 million bpd, but will increase its crude output when US imposes sanctions on Iran come 5 November. Despite these contingency plans, India intends to keep importing some Iranian oil and is hoping to receive a waiver from the US. During the previous sanction on Iran, India continued importing oil.