India's crude oil production in FY19 fell 4.15%

30 APR,2019 | MEDC


 

 

Coming in the wake of the sanctions on Iran, that is not good news for the country. Iran’s foreign ministry has said that it won’t allow any country to replace its oil sales in the global market. The international scene is full of uncertainty with Iran threatening retaliation, China declaring its right to purchase from Iran, and Saudi Arabia taking a wait-and-watch approach on raising its own output. Other geopolitical risks include the conflict in Libya, weaker than expected growth in major oil consuming countries especially China and the USA, and environmental policies. India’s relations with Iran are not purely economic in nature, and we need to remember that before taking any hasty decisions.

*Photo Credit: Google Images

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