• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 12 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 1 hour In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 17 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 4 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 4 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 16 hours US Petroleum Demand Strongest Since 2007
  • 2 mins Will Uncle Sam Step Up and Cut Production
  • 16 hours Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 2 days Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 5 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
A Limited Risk Play In A Shaken Market

A Limited Risk Play In A Shaken Market

Recession fears tanked stock markets…

Texas Crude Is Fetching Better Prices

Texas Crude Is Fetching Better Prices

New midstream capacity allows more…

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
Download on the App Store Get it on Google Play