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India decides to stop import of crude oil from Iran

India decides to stop import of crude oil from Iran

India has decided to stop the import of crude oil from Iran, for which the Ministry of Petroleum and Natural Gas has started taking necessary steps.

Background

  • Some of the countries importing oil from Iran have been exempted from sanctions, India is also included in these countries. According to the new report, the US is now going to end the exemption of restrictions from India.
  • According to reports, the US has informed about exemption from restrictions from Japan, South Korea, Turkey, Italy, Greece, China and India. The period of this exemption is ending on May 2.
  • The purpose of eliminating this exemption on sanctions is to increase pressure by isolating Iran.
  • The US thinks Iran has been working to destabilize the Middle East for decades, so there is a need to reduce the amount of money Iran receives.

Oil supply

India is the world's third largest oil consumer country. India has to import 80% of its oil requirement. In 2017-18, Iran (after Iraq and Saudi Arabia) was the third largest supplier of oil to India. 10% of India's oil is supplied by Iran. India can fulfill its requirement by purchasing extra oil from different oil suppliers.

The last time that President Trump had decided to separate from the nuclear deal with Iran, the oil prices increased to $ 85 a barrel. Later, when the American administration announced unexpected exemption, the price of oil fell to $ 50 a barrel.

Q.1 From which country India decided stop import of crude oil?
A. Iraq
B. Saudi Arabia
C. UAE
D. Iran
Answer...
Ans: Iran

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