Minister: Iran crude costs India $2 less than global prices
Crude oil from Iran costs India $2 less per barrel than global prices, oil minister said on Friday, outlining the reasons for the country's desire to source oil from sanctions-hit Tehran, Reuters reported.
"Our refiners enjoy much better margins. The cost is $2 less ... that's why we are seriously engaging with Iran," M. Veerappa Moily said.
Brent crude was trading at $105 a barrel on Friday while U.S. oil was at $96.75.