Iran-US standoff: A policy challenge for India
5 years, 7 months ago

Iran-US standoff: A policy challenge for India

Deccan Chronicle  

One of the immediate challenges faced by new external affairs minister Subrahmanyam Jaishankar and his team would be to chart a safe course for India’s continued stable relations with Iran in the face of increasing pressure from the United States, Israel and some friendly Arab countries to assume a more anti-Tehran posture. India’s ambassador to the US Harsh Shringla said last week that all imports of Iranian crude oil to India have now been stopped. In theory, it is still possible for India and the other countries involved to continue to import Iranian crude oil by creating alternative banking channels to pay Iran, bypassing the US dollar route. While we have stakes in Iran due to the import of crude oil, the Chabahar port and the International North-South Transport Corridor, these pale into insignificance when compared to India’s larger stakes in crafting even closer relations with its present-day challengers.

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History of this topic

Iranian minister on visit to Delhi to pitch for resuming energy trade
1 week ago

Iranian minister on visit to Delhi to pitch for resuming energy trade

Hindustan Times  

NEW DELHI: Iran’s deputy foreign minister Majid Takht Ravanchi is on a visit to India for talks aimed at resuming energy trade, which stopped in 2019 because of US sanctions, and exploring options for ramping up non-oil trade. Majid Takht-Ravanchi, the deputy foreign minister for political affairs, is heading the Iranian side in India- Iran political consultations India and Iran …

Iran Asks India To Resume Oil Trade, Relax Visas
1 week ago

Iran Asks India To Resume Oil Trade, Relax Visas

ABP News  

The new Iranian administration under President Masoud Pezeshkian is planning to give a renewed push for resumption of oil trade with India even as Tehran is seeking expansion of people-to-people ties with New Delhi by way of visa relaxation, according to a senior Iranian official. We understand why India has to follow the sanctions but trade is falling year-on-year which …

India reduces import of Russian crude oil over pricing
11 months, 4 weeks ago

India reduces import of Russian crude oil over pricing

Hindustan Times  

Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said. Indian oil companies have decided to cut crude imports from Russia because of only one reason, …

The turning tides of US sanctions: India caught between a rock and a hard place
1 year ago

The turning tides of US sanctions: India caught between a rock and a hard place

Live Mint  

The recent escalation of US sanctions against Russia seems to have significant consequences for the Indian market. In the context of the US' secondary sanctions targeting Russia, India too can resort to such countermeasures to provide an avenue of insulation for its fiscal priorities and market interests. Forms of countermeasures Bilateral negotiations and conditional waivers The US government can authorize …

Buy ships to transport energy: Govt to oil cos
1 year, 3 months ago

Buy ships to transport energy: Govt to oil cos

Live Mint  

NEW DELHI : India’s public sector oil and gas companies are looking at purchasing ships to transport oil and gas following a Union government directive aimed to ensure energy security, two people aware of the development said. The move comes at a time of rising crude prices, a price cap on Russian oil, and a bar on the use of …

Eye on oil: on oil prices and India
1 year, 7 months ago

Eye on oil: on oil prices and India

The Hindu  

The world’s largest grouping of crude oil producers, commonly known as OPEC+, agreed on Sunday to extend ongoing production cuts into 2024 as it seeks to keep oil prices from falling amid concerns about a global economic slowdown. OPEC major and leading producer Saudi Arabia also voluntarily vowed to reduce output by an extra 1 million barrels per day in …

Iran offers China-style strategic deal for India
2 years ago

Iran offers China-style strategic deal for India

Live Mint  

Iran has offered India a strategic cooperation pact on the lines of a deal it signed with China in 2021, two people aware of the matter said, as the sanctions-hit country tries to attract investments in its energy and infrastructure sectors. Iran has offered a similar deal to India to attract Indian investments and develop its transport and energy infrastructure, …

'Russia Not Reliable, In India's Own Interest to...': US on India's Oil Trade with Moscow
2 years, 2 months ago

'Russia Not Reliable, In India's Own Interest to...': US on India's Oil Trade with Moscow

News 18  

Reducing dependence on Russia would be in India’s own bilateral interest, US State Department Spokesperson Ned Price in a statement on Tuesday. Addressing Indian Foreign Minister S Jaishankar’s comments in Moscow on Tuesday defending India’s oil trade with Russia, Price said that a number of high-level engagements between American and Indian counterparts had been held in recent weeks and months …

U.S. imposes sanction against Indian petrochemical company for ‘clandestine’ Iran oil purchases
2 years, 3 months ago

U.S. imposes sanction against Indian petrochemical company for ‘clandestine’ Iran oil purchases

The Hindu  

In the first such move against oil shipments to India, the U.S. Treasury department announced it had imposed sanctions against a Mumbai based petrochemical company amongst several entities accused of selling Iranian petroleum products. “Today’s action targets Iranian brokers and several front companies in the UAE, Hong Kong, and India that have facilitated financial transfers and shipping of Iranian petroleum …

Data | Will Iran make a comeback as India’s major crude oil import partner?
2 years, 3 months ago

Data | Will Iran make a comeback as India’s major crude oil import partner?

The Hindu  

On the sidelines of the Shanghai Cooperation Organization summit, Indian Prime Minister Narendra Modi and Iranian President Ebrahim Raisi are likely to discuss the revival of oil imports from Iran. However, in FY23, the U.S.’s share in India’s oil imports halved and Russia became the third-biggest source. Russia’s share in India’s crude oil imports was close to 14% in FY23. …

For India, the buzzword now is ‘all-alignment’
2 years, 3 months ago

For India, the buzzword now is ‘all-alignment’

The Hindu  

In his book The India Way, External Affairs Minister S. Jaishankar offers a critique of India’s traditional policy of “non-alignment” where he distinguishes between the “optimistic non-alignment” of the past, which he feels has failed, that must give way to more realistic “multiple engagements of the future”. He writes, “This is a game best played on the front foot, appreciating …

Iran likely to nudge India on oil imports
2 years, 3 months ago

Iran likely to nudge India on oil imports

The Hindu  

Iran will nudge India towards reviving its procurement of discounted Iranian sweet crude during a meeting between Prime Minister Narendra Modi and Iranian President Ebrahim Raisi that is likely to take place this Friday on the sidelines of the Shanghai Cooperation Organisation summit in Samarkand. This will be the first time the two leaders will meet since Mr. Raisi’s election …

India’s future crude oil supplies will mostly come from Gulf: Oil Minister
2 years, 4 months ago

India’s future crude oil supplies will mostly come from Gulf: Oil Minister

The Hindu  

India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri said most of his country’s crude oil supplies in the near future will come from the Gulf countries, including Saudi Arabia and Iraq, as it seeks a secure and affordable energy base. “As far as India is concerned, I see for the foreseeable future much of our crude oil supplies …

India's consideration for crude oil purchases very well understood, says Foreign Secretary Kwatra
2 years, 6 months ago

India's consideration for crude oil purchases very well understood, says Foreign Secretary Kwatra

The Hindu  

India's trading arrangements for crude oil procurement are based on national energy security consideration, Foreign Secretary Vinay Mohan Kwatra said on Friday. He was replying to a question on what will be India's approach if New Delhi faces criticism during the upcoming G7 summit in Germany for its procurement of Russian crude oil. The Foreign Secretary said India's consideration for …

Will India procure more crude oil from Russia, MEA answers
2 years, 7 months ago

Will India procure more crude oil from Russia, MEA answers

India TV News  

Highlights India asserted that procurement of crude oil from Russia is based on energy security requirements Many countries have taken policy decisions with a similar perspective, MEA said MEA also said that procurement of oil from Russia is not an India-related issue India once again asserted on Thursday that its procurement of crude oil from Russia is guided by its …

US encourages India to participate in its petroleum reserve after Russia’s offer
2 years, 9 months ago

US encourages India to participate in its petroleum reserve after Russia’s offer

Live Mint  

The United States has been in touch with several countries including India on the release of strategic reserves. US President Joe Biden announced the release of one million barrels of oil per day from the nation's strategic petroleum reserves for the next six months in order to keep the lid on oil prices which have been spiralling in the aftermath …

United States expresses displeasure at Russia oil deals
2 years, 9 months ago

United States expresses displeasure at Russia oil deals

Deccan Chronicle  

New Delhi: Even as Indian government sources, in a dig at the West, said that “countries with oil self-sufficiency or those themselves importing from Russia cannot credibly advocate restrictive trading” and therefore “India’s legitimate energy transactions should not be politicised”, the United States on Saturday acknowledged that many countries including some in Europe continue to buy oil from Russia but …

Iran offers to meet India's energy needs by relaunching rupee-rial trade for export of oil and gas
2 years, 9 months ago

Iran offers to meet India's energy needs by relaunching rupee-rial trade for export of oil and gas

Firstpost  

Iran used to be India’s second largest oil supplier but New Delhi had to halt imports after the former US president Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on its oil exports Mumbai: Iran has offered to help India meet its energy needs by relaunching rupee-rial trade for export of oil and gas, said Iranian …

India's oil imports from US to rise by 11% amid criticism over Russia purchase
2 years, 9 months ago

India's oil imports from US to rise by 11% amid criticism over Russia purchase

Hindustan Times  

India's oil imports from the United States will rise by 11 per cent this year, officials told Reuters as the country looks to secure supplies from around the world, including heavily sanctioned Russia. AP/PTI India is also looking to Russia; Indian Oil Corp has ordered three million barrels and Hindustan Petroleum Corp has booked two million barrels, Reuters said. Oil …

India defends oil deal with Russia
2 years, 9 months ago

India defends oil deal with Russia

Deccan Chronicle  

HYDERABAD: India on Friday defended its decision to buy discounted crude oil from Russia and insisted that legitimate energy transactions should not be politicised. Reports suggested that India’s state-owned refiner Hindustan Petroleum Corp Ltd bought two million barrels of crude oil from Russia. When asked about India considering buying discounted Russian oil, White House press secretary Jen Psaki said the …

India\'s legitimate energy transactions should not be politicised: Sources
2 years, 9 months ago

India\'s legitimate energy transactions should not be politicised: Sources

Deccan Chronicle  

New Delhi: India's legitimate energy transactions should not be politicised and the countries self-sufficient in crude oil or those importing it from Russia cannot credibly advocate restrictive trading, government sources said on Friday. India has to keep focussing on competitive energy sources and it welcomes offers from all oil producers as geopolitical developments have posed significant challenges to the country's …

India's legitimate energy transactions should not be politicised, say govt sources on Russian imports
2 years, 9 months ago

India's legitimate energy transactions should not be politicised, say govt sources on Russian imports

India Today  

India’s legitimate energy transactions should not be politicised and countries with oil self-sufficiency or those importing themselves from Russia cannot credibly advocate restrictive trading, sources in the government have said. RUSSIAN OIL MEETS LESS THAN 1% OF INDIA’S NEEDS However, crude oil imports from Russia account for less than one per cent of India’s requirement and does not figure among …

'Legitimate transactions...', Govt sources on backlash over Russian oil purchase
2 years, 9 months ago

'Legitimate transactions...', Govt sources on backlash over Russian oil purchase

Hindustan Times  

India on Friday said the country's legitimate energy transactions should not be politicised and countries which are either self-sufficient in oil or are importing from Russia cannot credibly advocate restrictive trading, news agency PTI quoted sources in the Modi government. The Centre said Russia is a marginal supplier of crude oil to India and it is less than one per …

India buys Russian oil despite pressure for sanctions
2 years, 9 months ago

India buys Russian oil despite pressure for sanctions

Associated Press  

NEW DELHI — The state-run Indian Oil Corp. bought 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressure to avoid such purchases, an Indian government official said Friday. The official said India has not imposed sanctions against buying oil and will be looking to purchase more from Russia despite calls …

Russia offers more oil to India
2 years, 9 months ago

Russia offers more oil to India

The Hindu  

Beleaguered by sanctions from the western countries and a ban on fuel exports to the United States, Russia is keen to increase its oil and petroleum product exports to India and India’s investments in the Russian oil sector, Russian Deputy Prime Minister Alexander Novak conveyed to Petroleum Minister Hardeep Puri on Friday. “Russia’s oil and petroleum product exports to India …

Indian refiners set to curb spot buying to make room for Iranian oil
3 years, 7 months ago

Indian refiners set to curb spot buying to make room for Iranian oil

Business Standard  

Indian refiners, anticipating a lifting of US sanctions, plan to make space for the resumption of Iranian imports by reducing spot crude oil purchases in the second half of the year, company officials told Reuters. State-run Bharat Petroleum Corp, which plans to tap the spot market for 45% of its overall imports, will buy Iranian oil if sanctions are lifted, …

India in talks with us for long-term crude supply: Guyanese Minister
3 years, 8 months ago

India in talks with us for long-term crude supply: Guyanese Minister

The Hindu  

India, the world's third-largest crude consumer and importer, has approached Guyana's government about a possible long-term deal to buy the South American country's oil, a Guyanese official said. India has expressed interest in buying one of the 1 million-barrel cargoes Guyana's government is entitled to in order to test the crude in its refineries, according to Guyana's Natural Resources Minister …

India to resume buying oil from Iran once U.S. sanctions ease
3 years, 9 months ago

India to resume buying oil from Iran once U.S. sanctions ease

The Hindu  

India will look to resume buying crude oil from Iran the moment U.S. sanctions are eased, helping it diversify its import basket, a senior government official said. India stopped importing oil from Iran in mid-2019 following sanctions on the Persian Gulf nation by the Trump administration. "Once the sanctions are lifted, we can look to resume oil imports from Iran," …

First cargo from new oil producer heads to India's Mudra port, says data
3 years, 9 months ago

First cargo from new oil producer heads to India's Mudra port, says data

The Hindu  

The first cargo from new oil producer Guyana to the world’s third-largest crude importer, India, departed this month from a production facility off the South American nation’s coast in a vessel chartered by trading firm Trafigura, data from Refinitiv Eikon showed on Tuesday. As OPEC’s share in India’s oil imports fell to historic lows between April 2020 and January 2021, …

Indian Refiners Would Resume Iranian Oil Imports if US Sanctions Eased: HPCL Chief
3 years, 11 months ago

Indian Refiners Would Resume Iranian Oil Imports if US Sanctions Eased: HPCL Chief

News 18  

Indian refiners would resume imports of Iranian oil if the United States eases sanctions against Tehran, the chairman of state-run Hindustan Petroleum Corp said on Thursday. India, which was Iran’s top oil client after China, had stopped oil imports from the OPEC nation in mid-2019 under pressure from the stringent sanctions imposed by former US President Donald Trump. On Monday, …

India Looking to Store Oil Overseas in US, Other Commercially Viable Locations: Pradhan
4 years, 3 months ago

India Looking to Store Oil Overseas in US, Other Commercially Viable Locations: Pradhan

News 18  

India, the world's third-biggest oil importer, is exploring storing crude oil in the US and other commercially viable locations to hedge its supply risks, Oil Minister Dharmendra Pradhan said on Tuesday. Speaking at a conference on the 'Energy Security Towards Atmanirbhar Bharat', he said India is now importing crude oil from over 30 countries, including from Africa, North and South …

News Analysis | India’s health diplomacy cannot ignore Iran
4 years, 9 months ago

News Analysis | India’s health diplomacy cannot ignore Iran

The Hindu  

Energy rich Iran, reeling under the Covid-19 onslaught and sanctions marshaled by the United States, is testing India’s diplomatic guile, of maintaining its core strategic interests with a pivotal state in the Eurasian heartland. On March 12, Ministry of External Affairs spokesperson Ravish Kumar confirmed that Iran and Italy were among the countries which had sought India’s assistance, and their …

India’s import of US oil jumps 10-fold to 2,50,000 bpd, says US Energy Secy
4 years, 10 months ago

India’s import of US oil jumps 10-fold to 2,50,000 bpd, says US Energy Secy

Hindustan Times  

US oil supplies to India have jumped ten-fold to 2,50,000 barrels per day in the last few years, visiting US Energy Secretary Dan Brouillette said on Tuesday. Speaking at a business meeting alongside US President Donald Trump, US Energy Secretary Dan Brouillette said Indian imports of US oil were 25,000 bpd a couple of year ago, and have now risen …

Why the US-Iran stand-off is bad news for India's economy
5 years ago

Why the US-Iran stand-off is bad news for India's economy

India Today  

The new developments in the Middle East could not have come at a worse time for India. But with the cessation of the exemptions, India has not been able to import crude oil from Iran, which was its third largest supplier after Iraq and Saudi Arabia, since May last year. India, the world's third-biggest oil consumer, meets more than 80 …

Saudi oil facility attack: Surging oil prices could worsen India's growth hurdle
5 years, 3 months ago

Saudi oil facility attack: Surging oil prices could worsen India's growth hurdle

India Today  

India's plans for economic recovery could hit a barricade after the heart of Saudi Arabia's oil industry was targetted in a deadly drone attack over the weekend. While oil prices eased significantly since Monday's shock plunge, a cap on Saudi's oil exports for a few weeks could disrupt India's road to economic revival. EFFECT ON INDIA A spike in global …

Rosneft steps in to help India fill gap in oil supply
5 years, 3 months ago

Rosneft steps in to help India fill gap in oil supply

Live Mint  

Russia’s largest oil company Rosneft PJSC will assist India with its energy security efforts against the backdrop of the drone attacks on Saudi Arabian Oil Co., or Saudi Aramco, that have caused the biggest-ever disruption in global crude oil supplies, Igor Sechin, chairman of Rosneft, conveyed during his meeting with India’s oil minister Dharmendra Pradhan on Tuesday in New Delhi. …

Ties with Iran not influenced by any third country: India
5 years, 6 months ago

Ties with Iran not influenced by any third country: India

India TV News  

India on Wednesday said its ties with Iran stand on their own and are not influenced by any third country, an assertion which came in the wake of US sanctions on import of Iranian oil. After six-month-long exemptions from US sanctions to buy oil from Iran ended in May, India said it will deal with the issue based on three …

Expect a friend to understand: Hope India will act in its national interest, says Iran on oil imports
5 years, 6 months ago

Expect a friend to understand: Hope India will act in its national interest, says Iran on oil imports

India Today  

Amid US sanctions, Iran on Tuesday said it believes India will act in its national interest on the issue of oil imports and Tehran can act as a "protector" of India's energy security. His remarks assume significance as they come days after US Secretary of State Mike Pompeo had assured India that America is "doing everything" to ensure crude oil …

Iran hopeful India will act in its national interest on oil imports issue
5 years, 6 months ago

Iran hopeful India will act in its national interest on oil imports issue

India TV News  

Amid US sanctions, Iran on Tuesday said it believes India will act in its national interest on the issue of oil imports and Tehran can act as a "protector" of India's energy security. His remarks assume significance, as they come days after US Secretary of State Mike Pompeo, had assured India that America is "doing everything" to ensure crude oil …

As Middle East tensions rise, what is at stake for India?
5 years, 6 months ago

As Middle East tensions rise, what is at stake for India?

Live Mint  

Tensions in the Middle East are rising to the point where US President Donald Trump has even started talking about who pays for the protection of the Strait of Hormuz, a shipping corridor through which one third of all seaborne petroleum passes. A conflict in the northern part of the Persian Gulf could have an impact on shipping to and …

US Secretary of State Pompeo promises to ensure oil supplies to India after Iranian crude ban
5 years, 6 months ago

US Secretary of State Pompeo promises to ensure oil supplies to India after Iranian crude ban

Live Mint  

US secretary of state Michael Richard Pompeo on Wednesday night promised India of adequate crude oil supplies even as India, the world's third-largest oil importer, has been trying to buffer its consumers from the spike in global prices. However, with the US’s conditional waiver for Iranian oil imports to eight countries, including China and India, expiring on 2 May, India …

Iran sanctions: Indian Oil is stepping up imports of US and Saudi crude
5 years, 6 months ago

Iran sanctions: Indian Oil is stepping up imports of US and Saudi crude

CNN  

London CNN Business — US sanctions have forced a leading purchaser of Iranian crude exports to buy more oil from Saudi Arabia and the United States. Sanjiv Singh, head of state-run refiner Indian Oil Corporation, told CNN Business that “whatever supplies were coming from Iran, they were well distributed amongst other countries.” Iran had been the third largest supplier of …

India stopped purchasing Iranian oil after US waivers expired: Envoy
5 years, 7 months ago

India stopped purchasing Iranian oil after US waivers expired: Envoy

India TV News  

India has stopped importing oil from Iran after American waivers granted to eight buyers expired early this month, New Delhi's envoy here has said, becoming the latest country to comply with the US sanctions on Tehran over its nuclear programme. To reduce Iran's crude oil export to zero, the US ended on May 2 waivers that had allowed the top …

US-Iran spat: New govt needs to rebalance ties
5 years, 7 months ago

US-Iran spat: New govt needs to rebalance ties

Deccan Chronicle  

America’s President Donald Trump assumed office in 2017 after repeatedly decrying the Joint Comprehensive Programme of Action, otherwise known as the Iran nuclear deal, as “the worst deal ever negotiated”. The visit of Iranian foreign minister Mohammad Javad Zarif to New Delhi in the middle of an acrimonious Indian election underscores the Iranian urgency over the US threat. The discussions …

Slippery slope: on India and Iran developments
5 years, 7 months ago

Slippery slope: on India and Iran developments

The Hindu  

Iranian Foreign Minister Javad Zarif was in New Delhi this week as part of a regional outreach that includes Russia, China, Turkmenistan and Iraq amid rising tensions in West Asia. It has recalled all non-emergency diplomatic staff based in neighbouring Iraq; sent an aircraft carrier, the USS Abraham Lincoln, missile defence hardware and B-52 bombers to the Gulf; imposed fresh …

Sushma Swaraj holds talks with Iranian counterpart, decision on Iran oil import after elections
5 years, 7 months ago

Sushma Swaraj holds talks with Iranian counterpart, decision on Iran oil import after elections

India Today  

Iranian Foreign Minister Javad Zarif visited India as part of diplomatic outreach that Tehran is carrying out with all its important partners. The visit comes after New Delhi stopped Iranian oil import since this month in wake of the renewed US sanctions and lifting of waivers for select countries, including India. Sources said that New Delhi conveyed to Tehran that …

India, Iran discuss Afghanistan, regional situation
5 years, 7 months ago

India, Iran discuss Afghanistan, regional situation

Deccan Chronicle  

New Delhi: External Affairs Minister Sushma Swaraj on Tuesday told visiting Iranian Foreign Minister Javad Zarif that India would take a decision on continuing oil imports from Iran "after the elections keeping in mind our commercial considerations, energy security and economic interests", Government sources said on Tuesday. The ministry of external affairs meanwhile only issued a brief statement, saying Ms …

U.S. curbs: India to decide on Iran crude imports after polls
5 years, 7 months ago

U.S. curbs: India to decide on Iran crude imports after polls

The Hindu  

India will take a call on purchase of Iranian energy after the general election, External Affairs Minister Sushma Swaraj told her Iranian counterpart Javad Zarif in New Delhi on Tuesday. “On purchase of oil from Iran, External Affairs Minister reiterated the position that a decision will be taken after the elections keeping in mind our commercial considerations, energy security and …

China and India seen as Europe’s last hope to save Iran deal
5 years, 8 months ago

China and India seen as Europe’s last hope to save Iran deal

Live Mint  

The European Union will defend the Iran nuclear accord despite Tehran's decision to backtrack on its commitments in response to the US sanctions, diplomats believe, but European powers expect it to collapse without a deal to sell Iranian oil to China or India. A French diplomat talked of a "negative spiral" in which trade in food and medicines was simply …

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