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Oil prices to remain ‘control’ in India!

Wednesday - June 26, 2019 11:32 am , Category : BUSINESS
UAE to supply oil to India amid Iran-US 'tension'
UAE to supply oil to India amid Iran-US 'tension'

Prime Minister Modi's 'oil diplomacy' works out of, UAE comes forward for help!

JUNE 26 (WTN) - As you know, due to the growing tension between Iran and the US, the apprehensiveness of war between the two countries remains. After Iran’s shooting down the US drona and then the action of the US against Iran, it seems that both the countries have stood on the verge of war. Due to the ongoing tensions between Iran and the US, crude oil prices are going high. After the American Drona was shut down by Iran, crude oil prices have seen an increase of 5 per cent, which is the highest since January.

Amidst mounting tensions between Iran and the US and the fear of war, India may have to face many problems due to the costly crude oil prices. So, India at this stage is not able to import oil from Iran due to the US ban on Iran. Due to both these conditions, the impact on crude oil import is seen in India, due to which it was said that petrol and diesel prices could be more than Rs 100 per liter in the coming days.

But amid all this, Prime Minister Narendra Modi's 'oil diplomacy' works out and UAE has given 'assurance' to India that the lack of oil supply for India after the ban imposed on Iran by the US,  will be completed by UAS. For your information, let you know that this assurance has been given by UAE’s ambassador to India Ahmed Al Banna. According to Banna, after the imports of oil from Iran stops, UAE will supply more oil to India, which will not lead to an increase in petrol and diesel prices in India.

Here, amid the ongoing tension between Iran and the United States, India has expressed concern over the events of the Hormuz Channel. For your information, let you know that there is increase in the prices of crude oil after the explosion in the oil tankers on the Hormuz channel. Let you know that India imports about 90 per cent of its oil needs. India has to spend a lot of foreign currency in the import of crude oil. Crude oil trade was going smoothly between India and Iran. But after the US’ being separated from the nuclear deal with Iran and put sanction on Iran, India stopped importing oil from Iran from May this year.

After the imports of oil from Iran stop, there was crisis before India, where from the supply of crude oil be made?  India had requested an important member of the OPEC, Saudi Arabia, to take steps to ensure supply of oil after the ban imposed on Iran.

Keeping in mind that the price of oil in India can increase due to the closure of oil supply from Iran and the Iran-US tension, Prime Minister Modi has appeased the UAE that it will help to India in the crisis and will supply oil. That is to say that due to the diplomacy of the Modi Government, crude oil will continue to be supplied to India even during the Iran-US tension and there will be no increase in oil prices in India as the growth of apprehensiveness was being expressed.