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India to stop Importing Crude Oil from Iran

India to stop Importing Crude Oil from Iran

In the backdrop of the US refusal to extend the sanctions waiver for India to import crude from Iran, the Ministry of Petroleum and Natural Gas has taken the necessary steps to fill the shortfall.

Even though India has urged the US to restore the sanction waivers it has decided to not to proceed with the purchase as the oil trade cannot happen in anticipation.

It has been stated that shortfall will be met through alternate supply sources available in Saudi Arabia, Kuwait, UAE and Mexico.

India’s Oil Import

India which is the world’s third-biggest oil consumer meets more than 80 per cent of its oil needs through imports. In 2017-18, Iran was India’s third largest supplier after Iraq and Saudi Arabia and about 10 per cent of total needs were met through imports from Iran.

But the cause of concern is more related to prices in India. When President Trump had first pulled out of the nuclear deal, oil shot up to over USD 85 a barrel and it fell to near USD 50 after the US administration unexpectedly granted the waivers.

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