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Impending oil crisis with exit of

Iran how serious?

India, the world’s third-largest oil importer, is in discussions with oil producers in West Asia as well as in other geogra-
phies to procure a total of about 15 million tonnes of extra crude over the year to urgently bridge a supply gap that will be
caused by the exit of Iran from its energy basket, writes SARRAH

he development follows West Asia. The U.S. has followed the of Iran and Saudi Arabia prompted
the U.S. withdrawal of withdrawal of its sanctions-waiver the US action. It has recalled all non-
its sanctions-waiver for for Iranian oil with a series of actions emergency diplomatic staff based in
Iranian oil with a series of that it claims are in response to the neighbouring Iraq; sent an aircraft
T actions that it claims are perceived threat from Iran. carrier, the USS Abraham Lincoln,
in response to the perceived threat US secretary of state Mike Pompeo missile defence hardware and B-52
from Iran. Iranian Foreign Minister announced that the Donald Trump bombers to the Gulf; imposed fresh
Javad Zarif was in New Delhi recently administration would no longer grant sanctions on various Iranian enti-
as part of a regional outreach that exemptions to some countries to ties; and slapped a terror designation
includes Russia, China, Turkmeni- import Iran oil with the conditional for the Islamic Revolutionary Guard
stan, and Iraq amid rising tensions in waiver. The deteriorating relations Corps.

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