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| India Will Benefit From Sliding |
| India Will Benefit From Sliding Oil Prices Post-Iran Nuclear Deal: Petroleum Minister Dharmendra Pradhan
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| INDIA
, 15-July-2015
6:9:55 AM |
| International oil prices will come down with the imminent lifting of sanctions against Iran and benefit India, Petroleum Minister Dharmendra Pradhan said today.
"With Iran coming to market, the assumption is that there will be further slide in oil prices... India will be one of the beneficiaries of sliding oil prices," he said.
India is the world's fourth largest oil consumer and also the second biggest buyer of Iranian oil after China, importing about 11 million tonnes of crude oil in 2014-15.
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However, Mr Pradhan remained non-commital on whether India will increase imports from Iran after restricting it at 11 million tonnes in the past two fiscal.
"Let's see. It (increasing imports) depends on a lot of commercial considerations," he said. "But one thing is sure, oil prices (in international market) will be reasonable. I believe prices will be reasonable and responsible."
The slide in oil prices may, however, put some pressure on exploration and production (E&P) business due to low returns, he said here at an industry event while adding this was "a challenge."
As per the deal, sanctions imposed by the US, European Union and United Nations will be lifted in return for Iran agreeing long-term curbs on a nuclear program that the West suspected was aimed at creating a nuclear bomb.
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