How US move against Iran oil affects India2 min read 22 Apr 2019, 09:49 AM IST
The US move comes in the backdrop of ongoing elections in India to chose the 17th Lok Sabha
India, the world’s third-largest oil importer, has been concerned about elevated oil prices adversely impacting the country’s trade deficit
New Delhi: he temporary exemption granted to India and seven other countries from US sanctions on purchase of Iranian oil will end shortly, US secretary of state Michael R. Pompeo announced on Monday. The removal of Iranian oil from India’s energy sourcing basket may have major implications given that India has been a major importer of Iranian oil. India imported 23.5 million tonnes in 2018-19 from Iran. In 2017-18, of the 220.4 million tonnes of crude imported by India, more than 10% was from Iran. Mint explains the challenges ahead for India.
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