India has given permission to state-owned refiners to import oil from Iran with Iranian tankers and insurance, after the biggest Indian shipping company backed out of Iran voyages due to the U.S. sanctions, sources told Reuters , in a sign that India may not cut off Iranian oil imports after the sanctions return. The Shipping Corporation of India (SCI) has stopped Iranian oil trade because of lack of insurance cover, a source in the company told Reuters, while a government official said that India’s shipping ministry has allowed state refiners to import Iranian oil on the so-called cost, insurance, and freight (CIF) basis, under which Iran would provide the shipping and the insurance for the oil cargoes. Iran eager to continue selling its oil to India—its second-largest single oil customer after China—even as some Indian refiners are said to be thinking of reducing oil imports from Iran for fear […]