India to press for Iran, Venezuela Oil as Trump leaves

December 3, 2020

India may pursue a case for resumption of oil supplies from sanction-hit Iran and Venezuela once the Joe Biden administration takes charge in the US.

Sources in the Oil Ministry said that as a big importer of oil, India wanted to have a diversified market for crude and in this, if traditional markets like Iran and Venezuela are revived, it would only be for good.

Though, sources said there would not be any change in relations with the US with change of regime there, limited talks could be initiated to see if the oil market can be expanded for big buyers so that competitive pricing is derived.

Iran was India’s second largest oil supplier till sanctions by the West over its nuclear programme cut oil supplies.

India stopped crude oil supplies from Iran altogether from May 2019 following reimposition of US sanctions.

Venezuela, on the other hand, was the fourth largest crude supplier to India before US sanctions in January 2019 on the state-run companies there reduced their oil exports.

For India,p a wider crude oil import basket works to its advantage at it protects against supply disruptions in one of the countries. It also helps on getting better supply deals.

India imports 85 per cent of its oil needs and its dependence on oil expected to remain firm for at least next couple of decades. Energy consumption here is expected to grow by 3 per cent annually till 2040, much higher than any other energy guzzling country.

Also Read: BPCL Shares Down As major Oil Giants Skip the Race

Also Read: Venezuelan oil revenue drops 99% in six years

Previous Story

Indian Team Has Very Good Chance At Tokyo Oly: Jarmanpreet

Next Story

Asian Lite Daily Digital Dubai – December 4, 2020 – UAE Welcomes Israeli Tourists

Latest from -Top News

Sisi, MBZ cement ties

UAE and Egypt bolster ties through high-level talks in Abu Dhabi and a landmark cardiac care initiative delivering lifesaving treatment to rural

70,000 Gaza kids starve

WFP warned that any further escalation of conflict could paralyse relief operations altogether, deepening the plight of civilians—especially children, the elderly, and

Prayers on the Mount

The Day of Arafat, considered the pinnacle of the Hajj pilgrimage, witnessed a congregation of believers from around the world As the

EID MUBARAK!

UAE marks Eid Al Adha with housing support, children’s gifts, pardons, and cultural celebrations, reflecting a national spirit of compassion, unity, and