Specifically, the US imposed sanctions to cripple Iran's oil revenue-dependent economy in November. Yet, the US gave a six month waiver to eight nations, with India amongst them, allowing it to import some Iranian oil.
India was allowed to purchase about 300.00 bpd or 9 million barrels in a month until early May.
Moreover, New Delhi, Tehran's major oil client following China, announced the lifting of lower volumes in April, as a precautionary measure in fear of future renewal of waiver.
In the meantime, the US plans to cut Iran's crude exports by 20% approximately, to less that 1 million bpd from May. Consequently, importing countries are required to reduce their purchases if they want to avoid American sanctions.
According to Reuters, the US will most likely renew waivers to sanctions for the majority of countries, with India and China being amongst them, in exchange for pledges to cut combined imports to less that 1 million bpd.
However, it is not aparent yet if the 8 million bpd are the new situation Washington will impose, for granting a second waiver to New Delhi from sanctions against Tehran.
Indian Oil Corporation (IOC) placed an order of 5 million barrels, Mangalore Refinery and Petrochemicals Ltd for 2 million, and Hindustan Petroleum Corp and Bharat Petroleum Corp for 1 million each.
In addition, in April, IOC will lift 4 million barrels while there is no change in volumes to be loaded by other companies.