India's purchase of oil from Iran has dropped slightly in last two years and is expected to drop further given the difficulties New Delhi might have in making payments through banks due to tough sanctions imposed by US-led international community against top Iranian banks.
Italy, Greece, South Korea, Taiwan and Turkey also figure in the list released by Pompeo, who said over 20 countries have cut their oil imports from Iran, reducing purchases by more than one million barrels per day.
Crude oil prices are expected to rise this year as Iranian oil sanctions will lead to a drop in oil supply.
The crisis is not upon India immediately, as the US sanctions give a six-month breathing space for countries to act.
Swaraj expressed satisfaction over the agenda of the inaugural dialogue while giving the details of the deliberations.
India's flagship overseas firm ONGC Videsh Ltd is likely to get a 20 per cent stake in the Khusk and Hosseineieh oil fields in Iran on nomination basis.
ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd had in 2009 dropped plans to develop the Binaloud oil find in the Farsi offshore block as it found one billion barrels of reserves commercially unviable.
Top government officials in New Delhi have started discussions with stakeholders ranging from shipping and container companies to export promotion councils to understand the impact of the Iran-Israel tensions and plan ahead. Inter-ministerial talks are also being lined up amid the crisis situation in West Asia, sources confirmed. While the crude flows are not directly under any threat, elevated oil prices remain a concern, according to officials.
Krishna emphasised that India takes decision taking into consideration its domestic energy requirements.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
While not all the oil bought overseas turns up in domestic refineries, it can give companies a stake in the global crude trade.
United States Secretary of States Hillary Clinton on Monday announced Obama administration's decision to exempt India and six other countries from US economic sanctions after they significantly reduced their imports of Iranian oil.
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
"We are exploring if Indian oil firms can open accounts in banks like Dubai-based Noor Islamic Bank so they can undertake a direct transfer of money for oil they buy from Iran," a senior government official said.
This is the first payment Indian refiners have made to Iran since February.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran.
Iran's seizure of a British-flagged oil tanker was allegedly due to a collision with an Iranian fishing boat, Iran's official news agency IRNA said.
The Saudi and Iraq offer to replace Iranian crude supplies comes with a catch: Higher prices for the same quality of crude. The new government will face a tough decision over fuel price hike, says Aveek Sen.
Both crude benchmarks are now down around 20 per cent since their last peak in June
oil market remained under pressure and big gains are unlikely.
At BSE, 1,799 scrips declined and 714 advanced, while 184 remained unchanged.
Research and ratings agencies like Icra and Moody's have said the CAD in 2018-19 would be much higher than 2017-18
India's exports to Iran have been falling over the last one year, amid decline in rupee reserves of the West Asian economy. Going ahead, the possibility of augmenting exports to Iran may not be easy for India, considering the geopolitical tensions - Russia-Ukraine and Israel-Hamas conflicts - and the West Asian country's support for Russia and Hamas, people aware of the matter said. Exports to Iran saw a downward spiral since November last year.
Hassan Rouhani to offer Friday prayers in Hyderabad's Mecca Masjid.
India owes Iran around $8.8 billion primarily on account of crude oil imports.
India and China have already rejected the US' sanctions move.
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
'All but one of the previous oil shocks brought either a change of government or a political crisis.' 'Is the government braced for stormy weather?' asks T N Ninan.
India's exports are unlikely to get an immediate boost from a depreciating rupee, which touched an all-time low on Monday, driven by rising commodity prices. The rupee fell to 76.97 against the dollar earlier in the day, settling 1.05 per cent weaker than the previous close. Oil prices soared to their highest since 2008 on Monday at $139 per barrel, after the US and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude oil to global markets increased supply fears.
The new Samvat 2080 is viewed as a year of hope for industrial and precious metals. A key reason is the expectation of US interest rates peaking, followed by a reduction in the coming months. Regarding crude oil, its trajectory depends more on how the situation unfolds in West Asia.
Sources had earlier said Modi and Putin would also deliberate on impact of US sanctions on import of crude oil from Iran.
Indian Ambassador to the US Harsh Vardhan Shringla said India has stopped importing oil from Iran after the United States refused to extend exemption from sanctions earlier this month.
"Today I have made the determination that seven economies -- India, Malaysia, Republic of Korea, South Africa, Sri Lanka, Turkey and Taiwan--have all significantly reduced their volume of crude oil purchases from Iran," Secretary of State Hillary Clinton said in a statement.
In the Sensex kitty, Ultratech Cement was the top gainer, rising 2.10 per cent, followed by HDFC Bank, Reliance Industries Sun Pharma, NTPC and Asian Paints.
Under the scheme, National Iranian Oil Co, too, will open an account in a UAE or Turkey-based bank to receive direct money transfer from oil companies.
External Affairs Minister Salman Khurshid on Wednesday left for Iraq on a two-day visit aimed at deepening India's ties with the oil-rich Arab country.Khurshid, the first Indian external affairs minister to visit Iraq in last 23 years, will hold talks with his Iraqi counterpart Hoshiyar Zebari and discuss bilateral, regional and international issues of mutual interest.
Oil prices this year could surge up to $80 a barrel due to the increasing demand for the gasoline and disruptions in crude supplies from Nigeria, said a senior Iranian oil official.
Shipping Corporation of India's oil tanker, MT Desh Shanti, which was detained in Iran for 26 days, arrived at Visakhapatnam port in the early hours on Wednesday, sources said.
