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India ‘waiting and watching’ Iran issue unfold before taking a decision: Pradhan
News:
- Petroleum Minister Dharmendra Pradhan says, we will do business with whoever gives us oil, gas on good terms.
Important facts:
2. His statement was the outcome of the U.S.’ announcement that it will impose sanctions on any country importing oil from Iran after November 4.
3. Minister also says that India is open to do business with any country that is offering favourable terms on oil.
4. The size and growth potential of the Indian market had played a larger role in convincing the OPEC nations to increase their supply by one million barrels per day and also mitigating higher costs incurred by ‘Asian Premium’ charged by Middle Eastern countries.
5. The Minister also highlights the good relationship India was fostering with West Asia and how this was to India’s benefit.
6. The UAE will open the bid round in 3-4 months in which India is looking at participating in partnership with a UAE company.
7. India’s relations with countries like UAE and Saudi Arabai has improved.
8. Increased production by the OPEC nations would have an effect on petrol prices in India.
