With a revolution in India’s bilateral trade and crude basket, the crude oil imports from Iran dropped to ‘0’ over the current financial year from the rate of 27.2 million tonnes (MT) in the year 2016-17.
The highest amount of crude in Iran was robustly replaced by imports from the U.S. that increased drastically from zero in 2016-17 to 10.8 million tonnes over the period of April to January of the current financial year. India had curbed the imports from Iran after Donald Trump tightened the regulations on crude oil and withdrew unilaterality from the nuclear deal.
In 2015, China, Iran, Russia, France, the US, Germany, and the UK had signed the deal that resulted in the lifting of stringent regulations on Iran. On the contrary, the US government withdrew itself from the deal in 2018 and re-imposed unfavorable regulations on Iran. Some of the countries that replaced Iran crude in India are Iraq, Saudi Arabia, and Nigeria.
In the year 2017-18, the imports from Iran were 22.6 MT, while it fell down to 23.9 MT and 1.7 MT respectively in the year 2018-19 and 2019-20. As per petroleum ministry data, during that time, crude oil imports from the US rose to 1.9 MT in 2017-18, 6.2 MT in 2018-19, and 10.3 MT in 2019-20. During the period of April to January, crude oil imports from the US have witnessed at Rs 16,614 crore in terms of value from zero in 2016-17.
After the fall of Trump’s administration, it was expected that the US may launch favorable regulations on Iran. Iran officials have approached the Indian national oil companies to revive imports from their country.
India is importing gas and crude oil from the US by a combination of term contracts. India’s crude oil and petroleum products import bill increased by 56%. The country’s import bill was at Rs 5.42 lakh crore in 2016-17 and rose to Rs 8.43 lakh crore in 2019-20.
Biden has decided to extend sanctions against that country and continue the national emergency declared. He also added that Iran continues to pose an unusual and extraordinary threat to the national security, foreign policy, and economy of the US.’
With a revolution in India’s bilateral trade and crude basket, the crude oil imports from Iran dropped to ‘0’ over the current financial year from the rate of 27.2 million tonnes (MT) in the year 2016-17.
The highest amount of crude in Iran was robustly replaced by imports from the U.S. that increased drastically from zero in 2016-17 to 10.8 million tonnes over the period of April to January of the current financial year. India had curbed the imports from Iran after Donald Trump tightened the regulations on crude oil and withdrew unilaterality from the nuclear deal.
In 2015, China, Iran, Russia, France, the US, Germany, and the UK had signed the deal that resulted in the lifting of stringent regulations on Iran. On the contrary, the US government withdrew itself from the deal in 2018 and re-imposed unfavorable regulations on Iran. Some of the countries that replaced Iran crude in India are Iraq, Saudi Arabia, and Nigeria.
In the year 2017-18, the imports from Iran were 22.6 MT, while it fell down to 23.9 MT and 1.7 MT respectively in the year 2018-19 and 2019-20. As per petroleum ministry data, during that time, crude oil imports from the US rose to 1.9 MT in 2017-18, 6.2 MT in 2018-19, and 10.3 MT in 2019-20. During the period of April to January, crude oil imports from the US have witnessed at Rs 16,614 crore in terms of value from zero in 2016-17.
After the fall of Trump’s administration, it was expected that the US may launch favorable regulations on Iran. Iran officials have approached the Indian national oil companies to revive the crude oil imports from their country.
India is importing gas and crude oil from the US by a combination of term contracts. India’s crude oil and petroleum products import bill increased by 56%. The country’s import bill was at Rs 5.42 lakh crore in 2016-17 and rose to Rs 8.43 lakh crore in 2019-20.
Biden has decided to extend sanctions against that country and continue the national emergency declared. He also added that Iran continues to pose an unusual and extraordinary threat to the national security, foreign policy, and economy of the US.’
