US Precipitates India, Iran Oil Crisis

Last week, India’s Mangalore Refinery and Petrochemicals managed to make a US$100 million payment for Iranian oil – by transferring it through a third party bank in Istanbul. That is because there is a continuing oil payment crisis between India and Iran, caused by the US government’s determined efforts to make sure as little oil money as possible seeps into Tehran. It also highlights New Delhi’s dilemma in trying to satisfy its growing energy needs, which are expected to double in the next decade.

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