Sina Azodi: I think that the same buyers that legally bought Iranian oil will continue their purchases, but since it is the “grey market” they will demand discounts from Iran. They especially include China and India.
India and China, two most sought-after customers of the Organization of the Petroleum Exporting Countries (Opec), have put in place a mechanism to figure out ways to fight crude oil volatility and teamed up for other energy issues in global markets.
The US on Monday is set to ask five nations, including India and China, to completely end their imports of Iranian oil or be subject to US sanctions, a media report said, a decision that comes about a year after America quit the Iran nuclear deal and imposed toughest ever sanctions on the Persian Gulf nation.
Global demand for liquefied natural gas will grow at 2 percent a year for the next 15 years, the chief executive of Qatar Petroleum said at the LNG2019 conference in Shanghai on Tuesday.
India has imposed anti-dumping duty of up to $1,559 per tonne on imports of a certain type of sheet used in solar cell making from China, Malaysia, Saudi Arabia and Thailand for five years to safeguard domestic players against cheap shipments.
Despite the safeguard duty imposed on imports from China, Malaysia and the West, effective July 2018, solar panel prices continued to fall in the domestic market, as a 25% year-on-year fall in global prices has more than offset the duty impact.
China, the US and India together accounted for nearly 70 per cent of the rise in energy demand, even as such demand worldwide grew by 2.3 per cent last year, at its fastest pace this decade, the International Energy Agency (IEA) said on Tuesday.
India’s demand for electricity is expected to double in the next two decades, and coal has been long forecast to be the fuel of choice for power generation.
The global energy demand is set to rise by around a third by 2040, driven by improvement in living standards, particularly in India, China and across Asia. Also, renewables will become the largest source of global power generation by then.
India is suffering due to the rising cost of power caused by China’s ability to produce cheaper manufactured goods. India-China issues were raised at the public gathering organised by the Karnataka Electricity Regulatory Commission (KERC) in Mysore.