India is at the ready to purchase more Iranian oil immediately if U.S. sanctions on Iran are lifted, a government official has threatened in the latest escalation of the India-Saudi spat over crude oil. India’s refiners have already been instructed to purchase less crude oil from Saudi Arabia after a war of words between the two over oil policies. India has for months pushed its main suppliers—Saudi Arabia and Iraq—to ramp up oil production to keep oil prices manageable for the world’s third-largest oil importer. The plea came after Saudi Arabia boosted oil prices by agreeing to voluntarily cut an additional million ... (full story)