Oil buyers turn to Iran as a controversial oil power/India increased oil purchases from Iran
According to the report of the Fars International Economic Group, quoted by Oil PriceAs India’s domestic demand for oil and gas increases, the country is looking for suppliers that offer cheaper products to sell, regardless of how controversial it is to buy from them.
* Continuing energy partnership with controversial countries
According to this report, Indian refineries in response to OPEC’s recent production cuts plusare diversifying their sources and have turned to sanctioned countries such as Iran and Russia to ensure their crude oil supply. With little Western support for India’s growing renewable energy industry, New Delhi’s partnership with controversial oil suppliers looks set to continue.
India announced in October that it will diversify its sources of oil imports to reduce the possible risk of OPEC production cuts plus will speed up
Hardeep India’s oil minister Singh Puri explained OPEC production cuts plus“It hurts big producers like India, which spent about 120 billion dollars last year to import oil products.”
Indian refiners have made it clear that they will expand their oil supply sources with oil from any country that is cheaper and more reliable, and it doesn’t matter if America and Europe approve of this new company or not.
OPEC plus Anticipating a decrease in global demand for crude oil due to increased economic pressures in the world, it announced that it will reduce its production by 2 million barrels per day next month.
India is the third largest consumer and importer of oil in the world, supplying about 85% of its oil needs from abroad. From this side This country plans to diversify its oil supply sources with the aim of ensuring the country’s energy security. In this regard, the oil minister of this country said: “Energy sources have been diversified and will become more diversified… There are many resources and we will not hesitate to take these measures.”
India’s oil minister believes that OPEC production cuts plus It may push countries further into recession as fuel prices rise.
The report continues, Indian refineries in recent weeks to avoid the negative effects of OPEC production cuts plus, are trying to create new partnerships and further diversify their energy sources. They are worried about Western sanctions against Russia, which will damage the country’s oil supply.
* India’s energy interests are New Delhi’s priority
Indian refineries have clearly stated that they will replace their oil supply sources with the oil of any country that is cheaper and more affordable. more reliable they expand and it doesn’t matter if America and Europe approve this new company or not.
The 580% increase in oil revenues announced by Iran shows a clear disregard for the US sanctions against the country’s oil industry.
India has turned to Iran as one of its oil suppliers. Iraj Elahi, Iran’s ambassador to India, has also announced Tehran’s desire to supply Indian crude oil in order to maintain the country’s energy security. The Iranian ambassador said: “We have always expressed our readiness to strengthen economic relations with India. “It depends on India, we are ready to send oil.” Iran is one of the main suppliers of Indian oil before Apply sanctions against this country in 2019.
* The return of oil buyers to Iran
After Russian oil and gas sanctions and OPEC production reduction plus which has created a vacuum in the oil market, governments around the world have turned to Iran and Venezuela as controversial oil powers in the world to supply their needed oil.
Iran has announced that its oil and gas condensate revenues increased by 580% in the period from March to July compared to the same period of 2021, which shows a clear disregard for the US sanctions against the country’s oil industry. Turkey and Afghanistan have also increased their cooperation with Iran in order to strengthen the import of crude oil from this country.
Russia also in recent months due to offering cheaper oil, to one of the big the most India’s oil suppliers have become. The low price of Russian oil is highly competitive with the oil of West Asia and Africa, and this has caused India and some other countries to deepen their relations with this oil giant.
After Russian oil and gas sanctions and OPEC+ production cuts, which created a vacuum in the oil market, governments around the world have turned to Iran and Venezuela, as controversial oil powers in the world, to supply their needed oil.
Seek sanctions Hi America against several oil and gas suppliers and then OPEC production cuts plusIndia faced one challenge after another. In response to this threat to its energy security, New Delhi announced that it will partner with any country that provides cheap and reliable oil for this country, and this has deepened India’s relations with Iran and Russia.
Of course, a few days after Indian Foreign Minister Subramaniam Jaishankar’s visit to America, Washington imposed sanctions against an Indian company that bought Iranian oil and sold it to China.
The US Department of Commerce had announced in a statement that “Tibalaji Petrochemical” company had purchased Iranian petrochemical products such as methanol and industrial oil and then sold them to China.
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