The United States plans to impose new sanctions on Iran's oil sector from November 4 in a bid to curb Iranian involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme.
V. Srikanth said Reliance has boosted purchases from other Middle Eastern suppliers and the United States to make up for the loss of Iranian barrels and reduced intake of Venezuelan oil.
The company's decision to stop buying Iranian oil from October-November came after an advisory from its insurers, a source familiar with the matter told Reuters in May.
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