India plans another 4 million tonnes of additional crude oil imports from Iraq, at a time when imports from Iran have come under dark clouds due to US pressure. Media reports suggest that Oil Minister, Jaipal Reddy met Iraq's Deputy Prime Minister for Trade, Rowsch Shaways to discuss the issue. Though India has always maintained that it won't cut imports from Iran, the developments indicate that India is looking at means to enhance energy security. Recently, India also sought additional 5 million tonnes from Saudi Arabia.
Refiners, however, suggest that the move is aimed at meeting the rising demands of oil in India and even imports from Iran have decreased gradually.
Dion Global Solutions Ltd