India’s state-run Bharat Petroleum Corporation Limited (BPCL) will resume importing oil from Iran in February after a three-month hiatus that began with the U.S. sanctions on Iranian oil, Reuters reported on Monday, citing three industry sources. In the months immediately preceding the return of the U.S. sanctions on Iran, many Indian state-run refiners had refrained from nominating Iranian oil loadings because of the initial uncertainty over which countries would be granted waivers to continue importing crude from Iran and because countries had to significantly reduce imports to qualify for potential waivers. India—Iran’s second-largest oil customer after China— received a waiver to continue Iranian imports at reduced rates, alongside seven other major buyers of Iranian oil. Under the waiver valid until early May 2019, India has to restrict its oil imports from Iran to 1.25 million tons, or 9 million barrels, in one month, according to Reuters. BPCL will buy […]