• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 13 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 17 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 19 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 19 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 4 days Nord Stream - US/German consultations
  • 410 days Class Act: Bet You've Never Seen A President Do This.
  • 6 days An Indian Opinion on What is Going on in China
  • 6 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 hour NordStream2
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Forecasts for Natural Gas

India Hopes To Import More Iranian, Venezuelan Crude Under Biden

India hopes it could diversify its oil suppliers under the new U.S. Administration that could relax restrictions on oil exports from Iran and Venezuela, India’s Oil Minister Dharmendra Pradhan told Bloomberg TV in an interview.

“Some geopolitical changes are there,” Pradhan told Bloomberg, referring to expected policies from U.S. President Joe Biden.

The Indian minister reiterated his remarks from last month when he said that the world’s third-largest oil importer would like to have more opportunities to work for diversifying its sources of crude, including by resuming oil imports from Venezuela and Iran under President Biden.

The Trump Administration had stepped up sanctions against Iran and Venezuela since 2018, looking to cut off oil sales from the two countries.

President Biden, however, has pledged to offer Tehran a path back to diplomacy and a return to the nuclear deal. That is, if Iran returns to full compliance with that agreement, hammered out while Biden was President Obama’s vice president.

After the sanctions on Iran and Venezuela’s oil exports were tightened in 2019 to include anyone dealing with crude from those two producers, India stopped importing oil from Iran in May 2019 and has significantly cut purchases from Venezuela.

Reliance Industries, the largest refinery owner in India and the world, stopped buying Venezuelan crude oil in June last year. Reliance Industries is not alone in shunning Venezuelan oil, fearing repercussions from Washington. India’s second-largest refiner, Nayara Energy, has also stopped buying Venezuelan crude, switching to Canadian, Kuwaiti, and Ecuadorian oil, according to Bloomberg shipping data.

Earlier this week, India’s Pradhan criticized OPEC and its de facto leader Saudi Arabia for looking to tighten the market, diminishing export volumes and driving prices for oil importers higher.

The surprise changes in the OPEC+ group policies make planning more difficult for oil-importing nations, Pradhan told Bloomberg.

India, for one, depends on imports for over 80 percent of its oil consumption.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News