India may pursue a case for resumption of oil imports from sanction-hit Iran and Venezuela once the Joe Biden administration takes charge in the US.<\/p>\n
Sources in the Oil Ministry said that as a big importer of oil, India wanted to have a diversified market for crude oil and if traditional markets like Iran and Venezuela are revived, it would only be for the good, IANS reported.<\/p>\n
Limited talks could be initiated to see if the oil market can be expanded for big buyers so that competitive pricing is achieved.<\/p>\n
Iran was India\u2019s second-largest oil supplier till sanctions by the US, but New Delhi stopped crude oil imports from Iran altogether as of May 2019, following the reimposition of US sanctions.<\/p>\n
Venezuela, on the other hand, was the fourth-largest crude supplier to India before US sanctions in January 2019, when the state-run companies there reduced their oil exports.<\/p>\n
India imports 85 percent of its oil needs; its dependence on oil is expected to remain firm for at least the next couple of decades.<\/p>\n
Energy consumption of the country is expected to grow by three percent annually until 2040.<\/p>\n","protected":false},"excerpt":{"rendered":"
India may pursue a case for resumption of oil imports from sanction-hit Iran and Venezuela once the Joe Biden administration takes charge in the US. Sources in the Oil Ministry said that as a big importer of oil, India wanted to have a diversified market for crude oil and if traditional markets like Iran and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[285,1069,966,698,252,621,28,639,178,56,213,84,638],"yoast_head":"\n