US ends waiver on Iran oil imports: India must now scout for cheaper oil from other sources to avoid a crisis


US ends waiver on Iran oil imports: India must now scout for cheaper oil from other sources to avoid a crisis

Iran is the fourth largest supplier of oil to India and hence, the removal of ‘waiver on the ban of imports’ from Tehran is a matter of concern for us. Iran has a share of around 9-10 percent in India’s oil imports and hence, it would be essential to rejig the oil basket.

With 2 May just around the corner, it may be expected that the government has already a plan in place given that it was known in November that the waiver was for a period of six months only. During this period, there was no semblance of the talks leading to an acceptable solution for the US. Hence, the ban was more or less a certainty and an extension was not really on the cards.

If India were to continue importing oil from Iran, there was the risk of repercussions from the US in terms of getting different treatment on our exports. Read More

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