Peak Oil News and Message Boards

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