The prospects of Indian refiners cutting their intake of Iranian crude oil to zero are unrealistic, the chairman of Indian Oil Corp. told S&P Global Platts in an exclusive interview this week. Although the company, the largest oil player in India, has reduced its imports of Iranian crude, Sanjiv Singh said the chances of cutting all the way to zero are pretty slim, adding that the company had booked Iranian oil cargos for delivery this month despite the fact sanctions come into effect next Monday. “We strongly believe that if Iran goes out of the global market it will destabilize the market — at least for some time. Personally, I don’t think India can afford zero Iran supplies,” Singh told S&P Global Platts. The executive went on to say that IOC had reduced its imports of Iranian crude “slightly” beginning in October as Washington considers a waiver for India […]