OIL & GAS

Iran-US tensions and oil diplomacy: How India can reduce dependence on foreign oil

The relatively benign oil market environment India has enjoyed over the past five years could be upturned if push comes to military shove in the Gulf region. The Iranian regime will calculate, methodically, when seeking “revenge” for General Qasem Soleimani, but failure to act will exacerbate domestic challenges. In Trump, it faces an unpredictable adversary, focused on re-election, and seemingly less concerned by the fallout of a possible oil crisis than China and India would be.

Rising tensions in the Gulf are a primary concern for our policymakers as 60% of oil supplies, pass through the chokepoint of the Straits of Hormuz.

Source
Financial Express
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