With the US sanctions set to kick in, there are reports that India is looking for options beyond Iran to meet its crude oil demands. 

Latest Bloomberg report said that Indian Oil and Bharat Petroleum- the key refiners have not raised any demand for oil imports. The reports said that the two refiners have not asked for cargoes for loading in November. Similarly, Mangalore Refinery and Petrochemicals Ltd have not made any such demands. 

A Reuters report, however, said that the Government of India has not asked to the refiners to do so. But, the fact remains the New Delhi is looking to make arrangements before the Novmeber deadlines comes into effect. 

When asked about possibility of buying oil for the US instead of traditional partner Iran, Ministry of External Affairs spokesperson Raveesh Kumar said that ‘can’t comment on media reports.’ But he added that, ‘we are engaged in talks with all countries.’ He also said that India has explained its concerns to the US.

Earlier, there were reports that Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect.

Iran's Naftiran Intertrade Co Ltd, a trading arm for state-owned National Iranian Oil Co, owns a 15.4% stake in Chennai Petroleum, which has two refineries with a total combined capacity of 230,000 barrels of oil per day (bpd).

Nayara Energy is also preparing to halt Iranian imports from November, while Reliance Industries and HPCL-Mittal Energy Ltd have already stopped buying Iranian oil.

In May, US President Donald Trump pulled out of an international nuclear deal with Iran and announced new sanctions against the country, the third-largest producer among the Organization of the Petroleum Exporting Countries (OPEC). Washington is pushing allies to cut Iranian oil imports to zero once the sanctions on the petroleum sector start up on November 4.