In recent years, Iran has been regarded as a major source of Indian oil supplies. But recently, due to US sanctions against Iran, Iran-India trade relations have also been greatly affected.

Although India tried not to be affected by these sanctions, it ultimately failed. This has had a significant impact on the growth of the Indian economy. This was precisely when India decided to grow gross output.

Despite pressure from the US to India, the country had no choice but to accept the sanctions. Of course, given that this had a negative impact on the Indian economy, the United States allowed Iran to import oil from India for six months.

But after that time had passed, India was forced to cut its oil imports from Iran to zero. That was a disadvantage for both Iran and India.

Changing Iran-India relations in relation to oil exports

India has imported 23.5 million tons of oil from Iran in the year 5-6, regardless of US sanctions against Iran, according to statistics available. The value of this import was about $ 111.9 billion in 2018-2019.

Speaking at the annual meeting of the US-India Strategic Partnership Association, the Secretary of Oil and Gas stated:

India’s total imports of crude coal, LNG and cooking, valued at $ 7.2 billion in 19-19-19, may rise to $ 10 billion. Thus, India’s energy trade with the US will increase by more than 42%. According to the minister, India-US bilateral energy partnerships are entering a new phase with increased US production, Indian demand and emerging geopolitical uncertainties.

While the United States hopes to increase its market share and include the Indian market in its portfolio, New Delhi is seeking US resources as a means to reduce dependence on Gulf and West Asian oil suppliers.

These attacks completely destroyed more than half of Saudi crude oil production, at 5% of world oil supply. That is, about 5.7 million barrels per day.

Although Yemen claimed responsibility for the attack on Saudi Arabia, the United States prevented a war between Saudi Arabia and Yemen. Because the United States believed that Iran was responsible for the attacks. This was due to the remains of the fighters.

These attacks completely destroyed more than half of Saudi crude oil production, at 5% of world oil supply. That is, about 5.7 million barrels per day.

Changing Iran-India relations in relation to oil exports

Although Yemen claimed responsibility for the attack on Saudi Arabia, the United States prevented a war between Saudi Arabia and Yemen. Because the United States believed that Iran was responsible for the attacks. Because the weapons used for these attacks could only be used by Iran. However, to date, the United States has provided no credible evidence to convict Iran of the attacks.

Given the current situation, India is currently heavily involved with the United States in supplying its needed oil.

These new conditions appear to improve US-Indian relations after 5 years.