India Planning To Resume Iran, Venezuela oil imports Not Withstanding USA

India Planning To Resume Iran, Venezuela oil imports Not Withstanding USA


India Planning To Resume Iran, Venezuela oil imports Not Withstanding USA

Dated : 02 Dec 2020 (IST)

India, was Iran’s biggest client after China but had stopped buying oil from Tehran in May 2019 as it had already exceeded its planned import from Iran. Similarly it had drastically reduced its intake of Venezuelan oil too. This period coincides with the US sanctions on these two countries. This stopping further imports suited India.

Now India is planning once again to diversify its oil imports, including the resumption of supplies from Iran and Venezuela, said Petroleum minister Dharmendra Pradhan on Wednesday.

India was the key buyer of Iranian and Venezuelan oil before slashing purchases after President Donald Trump imposed unilateral sanctions on the two OPEC members since taking office in 2017 in a bid to curb Iran’s nuclear programme and remove Venezuelan President Nicolas Maduro.

“As a buyer, I would like to have more buying places. I should have more destinations to go for purchasing (oil),” Pradhan said in response to a question on whether he wants the Biden administration to relax sanctions on Iran and Venezuela.

Even ]Biden, who was vice president under President Barack Obama when the 2015 nuclear accord was struck between Iran and six world powers, has said he wants to offer Tehran a path back to diplomacy.

India, the world’s third biggest oil importer and consumer, will surely diversify its oil imports to buy cheaper oil to cut its import bill and save foreign exchange. No one can try putting any restrictions on India and think of succeeding.

Sanctions on Iran and Venezuela have blocked up to three million barrels per day (bpd), or three percent of world supply.

India’s Nayara Energy, part owned by Russian oil major Rosneft, stopped imports from Venezuela in June this year, while its Reliance Industries had obtained permission until October to continue oil imports in exchange for diesel.

India is not trying to confront USA and even they should not try any such silly things. So Pradhan, did say that there is a strong bond between India and the United States. “Both depend on each other.

A1aOur relations are sound, grounded.”
He also urged oil producers to work towards more reasonable and responsible pricing to help Asian buyers.

“Gone are days of monopoly. Oil Producers have to recognise aspirations of consumers,” Pradhan said.