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| Iran crude costs India $2 less than global prices: Veerappa Moily |
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NEW DELHI (Reuters) -- Crude oil from Iran costs India $2 less per barrel than global prices, Union Petroleum and Natural Gas Minister Veerappa Moily said, outlining the reasons for the country's desire to Source oil from sanctions-hit Tehran.
"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.
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