India hopes for resuming Iran oil imports as Biden presidency nears

India halted its imports from Iran, previously its third-largest oil supplier, in mid-2019 after the expiration of US exemptions.

Asia’s biggest oil importers are testing the waters in the hope that the incoming administration of U.S. President-elect Joe Biden will set the stage for a resumption in crude oil exports from Iran and Venezuela.

Oil Minister Dharmendra Pradhan said this week India would like to buy from more producers when asked if he would like to see an easing of White House sanctions on Iran and Venezuela. There has also been an increase in inquiries from Chinese buyers about purchasing a sludgy type of oil known as bitumen-mix, which is thought to be Venezuelan crude passed off as another grade,