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India Eying New Oil Agreements with Iran

Indian Oil Minister Hardeep Singh Puri said that his country is willing to sign new agreements and resume imports of oil from Iran and Venezuela.

Puri said oil exports from Venezuela and Iran had been hit due to sanctions, according to Economic Times. 

The two nations are among those with the highest oil reserves in the world and were significant suppliers to India before the US sanctions halted purchases.

“It is our hope and expectation that oil, not only from Venezuela, but other countries under sanction, will become available,” he said. “I am hopeful that we will all use collectively, our margin of persuasion… to request the international community to make more oil available including from Venezuela”.

Indian oil companies will enter into agreements with Venezuela and “equally (with) Iran” no sooner their oil comes into the market, he said.

India, the world’s third-largest energy-consuming and importing nation, is pinning hope on resumption of crude oil supplies from Venezuela and Iran as well as higher production from OPEC+ nations to help cool international oil prices that have hit multi-year highs.

It will also evaluate the Russian offer to sell crude oil at discounted prices after considering aspects such as insurance and freight required to move the fuel from the non-traditional supplier.

International oil prices had hit a 14-year high of USD 130 per barrel earlier this month before retracting.

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