Prime Minister Narendra Modi will meet government officials across ministries like petroleum, external affairs and finance later today to figure out ways for continuing with oil imports from Iran in the face of sanctions by the United States, three people familiar with the matter said.
India imports 83% of its oil requirements, and about 9.4% of the 220.4 million metric tonnes (million MT) of crude oil imported by India in 2017-18 was from Iran.
Increasing tensions between the US and Venezuela, the US demanding an end to all imports of Iranian oil by early November and the rupee being Asia’s worst performing currency of the year have compounded the situation and put India in a difficult spot.
Government officials said, given India’s dependence on oil imports, the nation will continue to import oil from Iran. The meeting will figure out ways on how to continue with Iran imports but at the same time reduce the dependence on Iran imports to some extent and how to make the import payments. Read More