Iran crude costs India $2 less than global prices: Moily

Crude oil from Iran costs India $2 less per barrel than global prices, oil minister said on Friday, outlining the reasons for the country's desire to source oil from sanctions-hit Tehran.

"Our refiners enjoy much better margins. The cost is $2 less ... that's why we are seriously engaging with Iran," M. Veerappa Moily said.

Brent crude was trading at $105 a barrel on Friday while US oil was at $96.75.