• 3 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 7 minutes Big Oil Costs Can't Go Much Lower
  • 12 minutes China’s Oil Futures Contract Is Beginning to Show Its Teeth
  • 3 hours Blackouts in Australia
  • 13 mins China Tariff Threatens U.S. LNG Boom
  • 17 hours Famous Musk's Tweet Puts Tesla Under Criminal Investigation
  • 8 hours Global Hunger Continues to Grow Driven By Climate Change
  • 7 hours Is your name Philip? No? Too bad!
  • 19 hours The moves toward 'zero-manning' in oil & gas
  • 20 hours Jan's Electric bike replaces electric cars
  • 23 hours Funding Secured: Saudi Wealth Fund to Invest $1 Billion in Tesla's RIval Lucid to build its EV factory
  • 1 day 100% Renewables will Fuel the Growth of Poverty and Homelessness
  • 20 hours Making Safe Nuclear Power from Thorium
  • 19 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 3 hours Regime For Regime: China Says Willing To Provide Venezuela With What Help It Can
  • 3 hours WTI now at $70+ headed for $50s
The Future For Plastic Is Uncertain

The Future For Plastic Is Uncertain

Plastic production is said to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

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