While not all the oil bought overseas turns up in domestic refineries, it can give companies a stake in the global crude trade.
oil market remained under pressure and big gains are unlikely.
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.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
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.
Saudis are interested in expanding their relationship with India, given it is becoming the main driver of crude demand growth in Asia
Pushing a barrel of oil back to around $100 would require a reduction of production of about two million barrels a day - a cut that would fall predominantly on Saudi Arabia.
Pakistan on Thursday said it was committed to the ambitious $7.5 billion gas pipeline project with Iran despite the venture running into rough weather over financing.
Oil Minister M Veerappa Moily has suggested pricking the ballooning oil bill with everything from a street theatre campaign encouraging lower fuel use, to shutting fuel stations, to increasing imports from Iran.
Iran can now unlock $4.2 billion of payments for its oil stuck with major clients including India, China, Japan and South Korea after it reached an interim deal with six world powers in November over its nuclear programme.
'IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.'
They have been named for their stake in the Farsi offshore block.
'If the Iran nuke deal holds, Iran becomes a gateway to Afghanistan, and a better one than Pakistan because the route is not so mountainous. Correspondingly, I imagine Pakistan's value to the US will fall,' says Rajeev Srinivasan.
The Indian basket represents the price of Oman and Dubai sour grade crude.
The dollar index was trading higher by 0.06 per cent against its major global rivals today.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has begun drilling for oil in Farshi offshore block of Iran.
India, the world's third biggest oil consumer, meets more than 80 per cent of its oil needs through imports.
There is a congruence of interests between Ukrainian intelligence and its Western mentors to destroy Wagner and eliminate it from the geopolitical chessboard altogether, argues Ambassador M K Bhadrakumar.
The United States wants India to wait for a final nuclear deal between Tehran and world powers before actively engaging with Tehran.
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 White House has warned lawmakers that tightening sanctions on Iran could push the US on a "march to war" and derail a diplomatic push to limit Tehran's nuclear programme.
Trump called on Iran to "work together" to eliminate the Islamic State, saying the killing of ISIS chief Abu Bakr al-Baghdadi was "good" for Iran.
India and the United States vowed on Thursday to step up joint efforts to halt illicit money flows.
Jaishankar said India will try to find common ground on trade issues during discussions with Pompeo.
America had postponed the much-awaited dialogue due to "unavoidable reasons" last month.
India should do what we can to ensure that our two friends do not get into a confrontation that is meaningless and ultimately damaging to everyone including us.
Iran has complained of irregular shipments
OPEC agrees to keep pumping as oil glut fears persist.
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.
Iran's decision to keep India out and welcome China to the scene is a huge strategic setback for India, observes Dr Rajaram Panda.
A strengthening dollar, rising interest rates, tightening liquidity and a surge in oil prices - all are combining to create a toxic atmosphere for EM assets, says Akash Prakash.
Under the trade agreement between India and Iran, the West Asian country can pay India in rupees for its imports against oil exports to India, which New Delhi pays for in Iranian rial.
India is the second largest buyer of Iranian crude, after China.
Twelve days of movie madness and 36 films later, Aseem Chhabra lists his top 10 favourite films from this year's Cannes Film Festival.
"10 minutes before the strike I stopped it, not proportionate to shooting down an unmanned drone".
'The bigger challenge and dilemma for Pakistan would be if the US and Saudi Arabia go full throttle against Iran and enforce regime change in Tehran.' 'That would be bad news for Pakistan, especially with the current instability in Balochistan,' notes Brigadier Narender Kumar (retd).
India has been eyeing deeper energy ties with Iran and has already lined up $20 billion as investment in oil and gas as well as in petrochemical and fertiliser sectors there.
The Biden administration should expect continuity in Iran's policies under Raisi. This may not necessarily mean that strengthening of ties with the West will be Raisi's top priority, observes Ambassador M K Bhadrakumar.
'The change of vocabulary in the India-US conversation was significant and refreshing.' 'It matched the styles of Trump and Modi.' 'The differences were not papered over, but there was determination to resolve them in the days ahead,' says Ambassador T P Sreenivasan.
Trump congratulated Modi on his election victory and said that the two countries would work together in many areas including military.
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