• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 22 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 2 hours Coal Boom in Asia is Real and a Long Trend
  • 2 hours The Plastics Problem
  • 17 hours China's President Xi To Visit North Korea This Week
  • 7 hours Hydrogen FTW... Some Day
  • 10 hours GM Considering Electric Hummer
  • 21 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 19 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 6 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 13 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 23 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 23 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 21 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
Is This The Best Dividend Stock In Oil & Gas?

Is This The Best Dividend Stock In Oil & Gas?

Supermajors have had a tough…

OPEC Discord Grows As Saudis Hint At ‘Delayed’ Meeting

OPEC Discord Grows As Saudis Hint At ‘Delayed’ Meeting

Saudi Energy Minister Khalid Al-Falih…

Iran Ready To Share Its Oil, Gas Resources With India

Modi Rouhani

Oil and gas-rich Iran is ready to share its natural resources with India to help its development, Iran’s President Hassan Rouhani said on a visit to India on Friday.

“Iran is rich in oil and natural gas resources. It is ready to share the natural resources with India for its development and progress,” Indian media quoted Rouhani as saying today.

Iran has been a major exporter of crude oil to India, while Indian oil demand and imports continue to grow to meet rising fuel demand in Asia’s next major influencer of oil markets alongside China.

Indian-Iranian energy relations have been a bit strained lately after India had started to reduce imports of Iranian crude oil, making good on its promise to reduce imports by around 20 percent this fiscal year ending March 2018, in possible retaliation for Tehran not awarding the development of a gas field in Iran to Indian firms.

Last year, India’s oil imports reached a record high of 4.37 million bpd, up by 1.8 percent compared to 2016, according to data by Thomson Reuters Oil Research & Forecasts.

Iraq for the first time became India’s top oil supplier last year, ousting OPEC’s largest producer Saudi Arabia. Iran was India’s third largest supplier of oil in 2017, with shipments averaging 471,000 bpd, slightly down from 2016. But in the April-December period, the first nine months of India’s fiscal year to March 2018, imports from Iran dropped by 18 percent compared to the same period of the previous year, to average 437,000 bpd, as Indian state refiners were said to be reducing imports from Iran over Tehran’s snub of Indian companies for the development of the Farzad B gas field.

Most recently, India’s crude oil imports jumped to a record 4.93 million bpd in January 2018 on high refinery runs and expanding refining capacity amid a strong recovery in demand.

By Tsvetana Paraskova 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