Iranian Oil🛢 is Bad News

  |   India News

The price💰 of crude oil has fallen📉 further due to Iranian oil coming into the market. After US🇺🇸 sanctions were lifted, constraints of Iran's crude exports were removed. This adds to competitive problems for India's🇮🇳 corporations like ONGC, Oil India & Carin India. The quality of crude would also be a concern as about 65% of 47-49 million barrels of Iranian oil volumes stored on ships has high📈 sulphur😝 content. The sheer quantity of cheaper Iranian oil means that prices will remain low📉 for quite some time. India's🇮🇳 import of crude oil from Iran has dropped from 21 M tonnes in 2008-09 to 10 M tonnes last fiscal & India's total crude oil🛢 imports from Iran has also slumped from more than 16% to less than 5⃣% during this period.

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