By Admin 
Crude Oil: The war that has been going on between Iran and the US since February is now over. Due to this war the Strait of Hormuz was blocked. Movement of crude oil has been banned from here. After which shortage of crude oil was seen in many other countries including India. However, with the end of the war, the oil crisis has also ended. Due to this, now Iran wants to sell its crude oil to India. Let us know what is the complete news.
Iran has crude oil lying there
In fact, America has relaxed the sanctions for 60 days, after which Iran is contacting the big oil buying countries of Asia to buy its oil. Along with Japan and South Korea, the names of India are also included in these countries. Iran currently has about 68 million barrels of crude oil, which is lying on tankers in the sea. A large part of it is not yet finalized for any buyer. In such a situation, Iran is looking for a big buyer to sell its oil.
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Will India become bought?
During the war, when India needed oil, the country had made arrangements for itself considering the situation. In such a situation, he does not want to rush into purchasing oil from Iran. However, it is easy for India to access Iranian oil and some tankers can reach Indian ports in just two-three days. Even though this deal may prove to be beneficial, Indian refineries do not want to take any hasty decision at the moment. Because they have already made arrangements for oil from other countries till August, there is no immediate need for Iranian oil.
This is also a reason
However, this is not the only reason but frequent changes in American policy is also a reason for not buying oil. Many countries including India fear that restrictions may be imposed again in the future, which is why everyone is alert. Challenges related to insurance, finance and shipping also remain. In such a situation, it is important for companies to remain cautious.
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The deal can be done like this
Bloomberg report believes that if the relief in sanctions lasts for a long time, then China will be the first to buy large quantities of Iranian oil. So India can buy oil from Iran in the second phase i.e. after August or in this month itself. Especially when Iran gives an attractive discount or makes a good deal. Reports also say that the deal between India and Iran will not be limited to only crude oil, but there is a possibility of increase in trade between the two countries in LPG, petrochemicals, fertilizers and energy sectors also.