Shebonti Ray Dadwal replies: Despite Iran being India’s third largest oil supplier, the termination of oil purchases from Iran will not affect supplies as other alternative sources are available, in fact eager to gain greater access to the lucrative Indian oil market. However, India will have to do without the concessional terms offered by Iran – such as the 60-day credit line as well as the insurance benefits.
The West Asian Crisis and Oil Price Expectations
As concerns over a potential conflict in the region grow, the pressing issue of what a conflict would mean for the price of international crude oil needs to be addressed urgently.