• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 5 hours In a Nutshell...
  • 7 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 10 mins Why Wind is pitiful for most regions on earth
  • 9 hours Is OilPrice a cover for Green Propganda
  • 13 hours Putin Paid Militants to Kill US Troops
  • 2 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 1 day Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 7 hours Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 1 day Happy 4th of July!
  • 2 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 1 day Apology Accepted!
  • 2 days The Political Genius of Donald Trump
  • 3 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link

India Looking For Better Oil Deal With United States

India is holding a series of telephone conversations with US Secretary of Energy Rick Perry on Monday to discuss the oil price volatility created in part by the perception of a tighter oil market in the wake of US sanctions on India’s neighbor, Iran, according to a press release from India’s Ministry of Petroleum & Natural Gas.

India’s Minister of Petroleum and Natural Gas Dharmendra Pradhan also discussed crude oil purchases from the United States, and ways to “further develop gas-based economy in India.”

The spot price of a Brent barrel fluctuated between $60 ad $64 in the last week alone. While it has come down substantially since mid-May when Brent was sitting around $72 to barrel, oil prices are still up significantly from the lows this year in January when prices were closer to $50 per barrel.

The higher prices are a significant concern for India, who has a high import need for crude. In 2018, India imported the third-highest volume of crude oil by value after China and the United States.

Secretary Perry and Minister Pradhan also discussed the important role that the United States has in establishing the global oil price stability.

Reports in late May suggested that India may decide to resume oil purchases from Iran, after India’s Prime Minister Narendra Modi won the country’s elections, according to an Indian news outlet.

India is feeling the pinch of the US sanctions on Iran after the US refused to renew the sanction waivers that it had granted to eight large Iranian oil buyers, including India. For now, Indian refineries have made up for the loss of Iranian barrels by increasing its purchases of oil from Saudi Arabia and Kuwait, according to Sputnik. Some Iranian oil is still trickling into India that was purchased prior to the end of the sanction waiver expiration, the outlet reported.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News