Iran sanctions: India ups imports from Saudi.

Indian refiners have sought additional four million barrel of crude oil from Saudi Arabia in November, a move that might partly compensate for any fall in their imports from Iran consequent to the US sanctions on the Persian Gulf country to be effective November 4.

India's oil imports from Saudi Arabia have been to the tune of 25 million barrels per month in recent past.

While reports had said India might reduce oil imports from Iran to nearly zero due to the US sanctions, the government had said earlier this week that two state-run refiners - IOC and MRPL - have contracted 9 million barrel for crude from the country for November.

Reliance Industries, Hindustan Petroleum, Bharat Petroleum and MRPL are the companies which are looking to procure additional one million barrel each from Saudi Arabia, according to agency reports.

The development comes close on the heels of Saudi Arabia claiming it can replace Iranian oil which will be unavailable due to renewed US sanctions, a claim Iran has termed 'exaggerated'.

Iran, which has emerged as the third largest exporter of oil in recent quarters, exported 8.1 million tonnes of crude to India in Q1FY19, compared with 5.6 mt in the year-ago quarter. Private refiners have been more aggressive in sourcing Iranian crude than the state-run firms.

US President Donald Trump had withdrawn JCPOA, also called the Iran Nuclear Agreement, which was agreed...