Published On: Tue, Mar 12th, 2019

India wants US to allow it purchase more oil from Iran and Venezuela

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India is at the edge of a crucial General Election. It cannot afford an increase in its oil price at this juncture. The best way to prevent the increase is to purchase more oil from the markets which supply oil for low price. Only two such markets are available at present: one is Iran and the other is Venezuela. Both are under the clutches of the US sanction. That means India, as a close friend of the US, cannot explore the opportunity to the fullest without irritating its friend.

India somehow convinced the US to grand them some exception to continue its oil business with Iran. But, it was a limited period offer. It will end soon.

The world largest democratic country once considered Venezuela as the alternative to Iran. Unfortunately, that option also faded as the US recently warned that it would not forgive any nation that offers economic lifeline to Venezuela’s Nicolas Manduo regime.

As per a latest report, India has asked the United States to grand exception to continue its oil import from Venezuela and Iran.

There are rumours that India will be granted some exception considering the factors that prompt the country at the end of a crucial election to try all possibilities to keep the oil price low.

 

Vignesh. S. G

Photo Courtesy: Google/ images are subject to copyright 

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India wants US to allow it purchase more oil from Iran and Venezuela