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Page added on February 20, 2018

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Iran ready to share resources with India

Public Policy

Oil and gas-rich Iran is ready to share its natural resources with India to help its development, Iran’s President Hassan Rouhani said on a visit to India on Friday.

“Iran is rich in oil and natural gas resources. It is ready to share the natural resources with India for its development and progress,” Indian media quoted Rouhani as saying today.

Iran has been a major exporter of crude oil to India, while Indian oil demand and imports continue to grow to meet rising fuel demand in Asia’s next major influencer of oil markets alongside China.

Indian-Iranian energy relations have been a bit strained lately after India had started to reduce imports of Iranian crude oil, making good on its promise to reduce imports by around 20 percent this fiscal year ending March 2018, in possible retaliation for Tehran not awarding the development of a gas field in Iran to Indian firms.

Last year, India’s oil imports reached a record high of 4.37 million bpd, up by 1.8 percent compared to 2016, according to data by Thomson Reuters Oil Research & Forecasts.

Iraq for the first time became India’s top oil supplier last year, ousting OPEC’s largest producer Saudi Arabia. Iran was India’s third largest supplier of oil in 2017, with shipments averaging 471,000 bpd, slightly down from 2016. But in the April-December period, the first nine months of India’s fiscal year to March 2018, imports from Iran dropped by 18 percent compared to the same period of the previous year, to average 437,000 bpd, as Indian state refiners were said to be reducing imports from Iran over Tehran’s snub of Indian companies for the development of the Farzad B gas field.

Most recently, India’s crude oil imports jumped to a record 4.93 million bpd in January 2018 on high refinery runs and expanding refining capacity amid a strong recovery in demand.

By Tsvetana Paraskova for Oilprice.com



3 Comments on "Iran ready to share resources with India"

  1. bobinget on Tue, 20th Feb 2018 10:37 am 

    (if Israel attacks Iran they will need to deal with a
    Nuclear India).

    http://www.dailymail.co.uk/news/article-5412721/Iran-claims-level-Tel-Aviv-kill-Netanyahu.html

    MSM avoiding this story.
    If your interested, just Google Iran/Israel
    Warning: bad dream material.

  2. Boat on Tue, 20th Feb 2018 2:18 pm 

    Bob

    India also supplies VietNam with missles for China’s threat around the islands in question. India needs the US more than Iran.

  3. deadly on Tue, 20th Feb 2018 4:51 pm 

    Iranian oil is heavy crude with little gasoline. Hard to sell.

    Back in 2006, it was a problem selling heavy oil.

    Iran has managed to sell millions of barrels of oil it was storing at sea because of a lack of buyers, officials said on Wednesday, and a newspaper reported Royal Dutch Shell and India had taken most of it.

    Iran sold 12 million barrels of heavy, high sulphur crude from its Soroush and Nowrouz Gulf oil field over the past two months, Mahmoud Baharvand, head of import and export co-ordination at the Iranian Offshore Oil Company, told an Iranian newspaper.

    Stocks of the unwanted oil, which has a high sulphur content and low gasoline yield, had been building for months. Industry experts had estimated Iran was storing around 20 million barrels – a quarter of the world’s daily demand – on tankers.

    Shell in Tehran was not immediately available to discuss the purchase and Shell in Europe declined comment. The Indian refiner that normally buys Iranian crude is Reliance Industries Ltd Hojjatollah Ghanimifard, executive director of international affairs at the National Iranian Oil Company, told Reuters Iran had sold almost half the crude stored in Gulf tankers and that it expected to sell the rest by the end of August.

    http://fp.brecorder.com/2006/08/20060803459943/

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