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India hopes for oil from Iran, Venezuela; higher output from OPEC+ to cool prices

It will also evaluate the Russian offer to sell crude oil at discounted prices after considering aspects such as insurance and freight required to move the fuel from the non-traditional supplier

India hopes for oil from Iran, Venezuela; higher output from OPEC+ to cool prices

New Delhi, March 16 - Neftegaz.RU. India, the world's 3rd-largest energy-consuming and importing nation, is pinning hope on resumption of crude oil supplies from Venezuela and Iran as well as higher production from OPEC+ nations to help cool international oil prices that have hit multi-year highs.

It will also evaluate the Russian offer to sell crude oil at discounted prices after considering aspects such as insurance and freight required to move the fuel from the non-traditional supplier.

Replying to supplementaries during question hour, Oil Minister Hardeep Singh Puri said oil export from Venezuela and Iran had been hit due to sanctions.
The 2 nations are among those with the highest oil reserves in the world and were significant suppliers to India before US sanctions halted purchases.

Puri said:
  • It is our hope and expectation that oil, not only from Venezuela, but other countries under sanction, will become available
  • I am hopeful that we will all use collectively, our margin of persuasion... to request the international community to make more oil available including from Venezuela
  • Indian oil companies will enter into agreements with Venezuela and equally (with) Iran no sooner their oil comes into the market
Stating that there are reports that the nuclear issue, which had led to sanctions on Iran, is likely to be resolved, the minister said «that will also bring more oil into the market».
He hoped that «apart from oil which will become available by countries who, hitherto, were not supplying on account of sanction, existing OPEC plus will increase their production» to cool oil prices.

Asked about the reported Russian offer to sell its crude oil and other raw materials at discounted prices with payment through a rupees-rubles transaction, Puri said the government will explore all options which are available.

The minister said he has had discussions with the Russian government officials.
He noted:
  • Discussions are currently underway, there are several issues which are required to be gone into like how much oil is available either in Russia or in new markets or with new suppliers which may be coming in the market
  • Also, there are issues relating to insurance, freight and a host of other issues including the payment arrangements
Puri promised to report any arrangement that is worked out between Indian oil companies and their counterparts in Russia or with Iran or any other countries where more oil is coming up.

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