Crude oil imports : With crippling international sanctions against Iran ending, India is going to increase Mcx crude oil imports from the Persian Gulf nation and get oilfield contracts but faces an immediate USD 5.8 billion payout in past oil dues. Under pressure from US & the other western powers, India had relegated its 2nd largest oil suppliers by cutting down purchases from 21.2 million tons in 2009-10 to 11 million tons in 2013-14. Imports have been of that order in previous three years. Now with the lifting of sanctions, Indian refiners are looking at increasing import volumes. "Iran offers the best terms of oil sales.
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