In the case of supplying oil to India, Saudi Arabia has reached Iran on the other. This has come up in the first quarter of the current financial year. In this way, Iran has once again acquired its lost location seven years ago. The US has imposed a number of restrictions on Iran. On the other hand, Iran is running a number of attractive schemes on oil exports and Indian companies are taking full advantage because the American reshaping will take effect in Iran from November.
Petroleum Minister Dharmendra Pradhan told Parliament on Monday that in the first quarter of the current financial year, government refineries exported more oil than Iran instead of Saudi Arabia. Because of which Saudi has reached number three and Iran has moved to second place. There is a situation of confusion for India in this business that is running with Iran because the Trump Administration is pressurizing New Delhi to reduce oil imports from Iran or completely shut down.
During the April-June period, oil companies import 56.70 million tonnes of crude oil from Iran. This amount is more than Saudi Arabia. The dilemma between India's growing business with Iran is also increasing steadily. Industry sources on the pressure to eliminate oil exports from Iran say that we have enough time. According to sources, India will reduce oil exports ahead of the deadline and seek other ways.
Finding Iran's option will not be difficult because Saudi, Iraq, and Kuwait can fill that gap. However, prices may increase because the country will not offer offers like Iran. The technical capacity of Indian refineries is quite rich. Because of this, it is also capable of processing various types of crude. India's biggest challenge is fiscal/strategic interest in maintaining its years-old relationships with Tehran and the Chabahar project under Af-Pak policy. Apart from this, we have to avoid collision with the US.
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