Visiting Iranian foreign minister Javad Zarif was told by Indian external affairs minister Sushma Swaraj that a call on oil purchases from Iran will be taken after the Lok Sabha polls keeping in mind India’s commercial considerations, energy security and economic interests.
This is a sensible position given that suitable adjustments may need to be made after a new government is formed in New Delhi. But there are several reasons why India should find ways to continue buying oil from Iran, while convincing the US that it is a strategic necessity for India.
First, Iran is the third largest supplier of oil for India and meets around 10% of its total needs. Thus, replacing Iranian oil will be difficult and expensive. Read More