State-run oil marketing companies (OMCs) plan to firm up long-term crude supply contracts and increase spot purchase of crude oil from the United States. This comes in the wake of the US government on Wednesday asking all countries, including India, to stop oil imports from Iran by 4 November. India meets 80% of its crude demand through imports and is the second-largest buyer of Iranian crude after China. Iran is also the third-largest supplier to India after Saudi Arabia and Iraq and imported 27.2 million tons of crude worth $11.1 billion between 2017 and 2018.

(Live Mint)