With the India-Colombia bilateral trade $1.5 bn, India lifted oil close to $ 400 million from January to July this year– an increase of 60% in the same period of the previous year.
Speaking to FE ONLINE, on condition of anonymity, a very senior diplomat said that, “As US imports of Colombian and of other origin continue to decline, impending sanctions on Iran next month, supply constraints of OPEC, India is expected to look at other markets.”
“Imports of oil from Colombia and Ecuador will go up substantially in the coming months,” the senior diplomat added.
India has been looking at other countries for its energy security due to impending second round of US sanctions in November targeting Iran’s energy sector, and political unrest in South American nation Venezuela. Read more