US President Donald Trump on Friday signed into law the Lindsey O Graham Sanctioning Russia and Iran Act of 2026. This gives him the power to impose tariffs of up to 100% on countries, including India and China, that continue buying Russian oil and gas.&nbsp;The law “authorizes and expands statutory sanctions, tariffs, and prohibitions on Russia and extends existing sanctions on Iran,” the White House said in a statement.&nbsp;Russian officials, financial institutions, defence-related networks and the country's so-called “shadow fleet” of vessels used to transport energy while circumventing Western restrictions are the targets of the legislation.&nbsp;<h2>How is India going to be impacted?</h2>&nbsp;India, the world's third-largest oil importer and among the biggest buyers of Russian crude, so Trump's decision could have an impact on oil prices in India.&nbsp;Cutting Russian ​oil imports to avoid potential new US tariffs could increase fuel prices in India. Maintaining such purchases could cripple Indian exports to ‌its largest market.&nbsp;The measure could damage bilateral relations and disrupt global energy markets, as India has vowed to keep buying crude from &nbsp;​diversified sources to "ensure energy security for its 1.4 billion people".&nbsp;ALSO READ: <a href="https://www.wionews.com/world/two-killed-in-massive-drone-attack-on-oil-refinery-in-moscow-region-1789891677216">Two killed in 'massive' drone attack on oil refinery in Moscow region</a>&nbsp;US and India have already witnessed a year of repeated disputes over trade and tariffs under President Donald ⁠Trump.&nbsp;Prior to the Russia-Ukraine war India's import of crude oil from Russia was a mere 15 per cent, while 55 per cent w as from the Gulf countries. Post was it has increased substantially, while the Gulf's share has fallen below 30%.&nbsp;According to Centre for Research on Energy and Clean Air (CREA) estimates China accounted for around half of Russia's crude exports, followed by India at 37%, Turkey at 5% and the European Union at 5% between December 2022 and August 2026.&nbsp;Though India has secured supplies from the US, Brazil, Canada, Venezuela and African producers but large part of its crude oil comes from Russia.&nbsp;&nbsp;

Though India is importing crude oil from the US, Brazil, Canada, Venezuela and African producers but large part of its crude oil comes from Russia.

US President Donald Trump on Friday signed into law the Lindsey O Graham Sanctioning Russia and Iran Act of 2026. This gives him the power to impose tariffs of up to 100% on countries, including India and China, that continue buying Russian oil and gas. The law “authorizes and expands statutory sanctions, tariffs, and prohibitions on Russia and extends existing sanctions on Iran,” the White House said in a statement. Russian officials, financial institutions, defence-related networks and the country's so-called “shadow fleet” of vessels used to transport energy while circumventing Western restrictions are the targets of the legislation. How is India going to be impacted? India, the world's third-largest oil importer and among the biggest buyers of Russian crude, so Trump's decision could have an impact on oil prices in India. Cutting Russian oil imports to avoid potential new US tariffs could increase fuel prices in India. Maintaining such purchases could cripple Indian exports to ‌its largest market. The measure could damage bilateral relations and disrupt global energy markets, as India has vowed to keep buying crude from diversified sources to "ensure energy security for its 1.4 billion people". ALSO READ: Two killed in 'massive' drone attack on oil refinery in Moscow region US and India have already witnessed a year of repeated disputes over trade and tariffs under President Donald ⁠Trump. Prior to the Russia-Ukraine war India's import of crude oil from Russia was a mere 15 per cent, while 55 per cent w as from the Gulf countries. Post was it has increased substantially, while the Gulf's share has fallen below 30%. According to Centre for Research on Energy and Clean Air (CREA) estimates China accounted for around half of Russia's crude exports, followed by India at 37%, Turkey at 5% and the European Union at 5% between December 2022 and August 2026. Though India has secured supplies from the US, Brazil, Canada, Venezuela and African producers but large part of its crude oil comes from Russia.

Though India is importing crude oil from the US, Brazil, Canada, Venezuela and African producers but large part of its crude oil comes from Russia.

Trump signs Russia sanction bill. How will it impact India? WION Explains

India and Iraq have strengthened their security ties during the visit of Iraq's National Security Adviser (NSA) Qasem AI-Araji to India. The visit marked the first cabinet minister-level visit from Iraq to India in seven years. Both sides have agreed to enhance defence cooperation, counter-terrorism efforts, and strengthen security linkages. On Friday, Indian NSA Ajit Doval and the Iraqi NSA held extensive discussions on vast areas of mutual interest and exchanged views on recent developments in their respective regions.

Apart from security ties, India and Iraq also have a strong economic relationship, with Iraq being the largest supplier of oil to India since 2017 and the fifth-largest trade partner of India. Indian companies have significant opportunities in the upstream, mid, and downstream sectors of the oil and gas industry in Iraq.

During his visit, the Iraqi NSA visited Bharat Electronics Limited to witness examples of the "Make in India" initiative and interacted with Indian defence industry leaders.

<a href="https://www.wionews.com/videos/gravitas-indias-relationship-with-iraq-a-forgotten-tale-254351">WATCH |&nbsp;Gravitas: India's Relationship With Iraq: A Forgotten Tale</a>

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India organised an Artificial Limb Fitment Camp at Al Kafeel Hospital in Karbala in November-December 2018 which was very well received. Prosthetic limbs/Jaipur Foot were provided to more than 600 amputees on a charity basis.

A second camp is being planned shortly. It is estimated that around 33,000 Iraqis travel to India, mostly for medical treatment, fetching an estimated $170 million to Indian hospitals, second after Bangladesh.

There is also a historical connection between the peoples of the two countries. Many Indian pilgrims visit the holy shrines in Najaf and Karbala and that of Sheikh Abdul Qadir Jeelani in Baghdad every year. The visit of the Iraqi NSA to India paves way for increased cooperation and engagement between the two countries, not only in the area of security but also in various other sectors.

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India and Iraq have strengthened their security ties during the visit of Iraq's National Security Adviser (NSA) Qasem AI-Araji to India. The visit marked the first cabinet minister-level visit from Iraq to India in seven years.

India and Iraq have strengthened their security ties during the visit of Iraq's National Security Adviser (NSA) Qasem AI-Araji to India. The visit marked the first cabinet minister-level visit from Iraq to India in seven years. Both sides have agreed to enhance defence cooperation, counter-terrorism efforts, and strengthen security linkages. On Friday, Indian NSA Ajit Doval and the Iraqi NSA held extensive discussions on vast areas of mutual interest and exchanged views on recent developments in their respective regions. Apart from security ties, India and Iraq also have a strong economic relationship, with Iraq being the largest supplier of oil to India since 2017 and the fifth-largest trade partner of India. Indian companies have significant opportunities in the upstream, mid, and downstream sectors of the oil and gas industry in Iraq. During his visit, the Iraqi NSA visited Bharat Electronics Limited to witness examples of the "Make in India" initiative and interacted with Indian defence industry leaders. WATCH | Gravitas: India's Relationship With Iraq: A Forgotten Tale × India organised an Artificial Limb Fitment Camp at Al Kafeel Hospital in Karbala in November-December 2018 which was very well received. Prosthetic limbs/Jaipur Foot were provided to more than 600 amputees on a charity basis. A second camp is being planned shortly. It is estimated that around 33,000 Iraqis travel to India, mostly for medical treatment, fetching an estimated $170 million to Indian hospitals, second after Bangladesh. There is also a historical connection between the peoples of the two countries. Many Indian pilgrims visit the holy shrines in Najaf and Karbala and that of Sheikh Abdul Qadir Jeelani in Baghdad every year. The visit of the Iraqi NSA to India paves way for increased cooperation and engagement between the two countries, not only in the area of security but also in various other sectors. WATCH WION LIVE HERE:

India and Iraq agree to boost security ties during National Security Adviser Qasem's visit

The US is holding “deep talks” with India over the latter’s reliance on Russian arms and oil, CNN reported on Tuesday, quoting a US state department official.

The official claimed that Indian representatives are starting to look at other markets to meet their demands as they try to become less dependent on Moscow for arms purchases.&nbsp;

“India is heavily, heavily dependent on Russia, and that’s something that they did to themselves over some 40 years: first their military and then their energy dependence,” the official was quoted as saying. &nbsp;

“So, we have been in deep conversation with India about the fact that we want to help them have options to diversify here.”&nbsp;

Russian oil has been finding massive takers in the Asian market, with the bulk of purchases coming from India and China. &nbsp;

Moscow has been offering oil under heavy discounts as rising energy prices following the West’s sanctions.&nbsp;

India meets 83 per cent of its oil needs through imports, making it vulnerable to external shocks. Hence despite pressures from the West, New Delhi decided to pursue its interests to meet the domestic demands. &nbsp;

In 2021-22, the country’s oil import bill ballooned to $119 billion, stretching government finances and weighing on the post-pandemic economic recovery.&nbsp;

But ever since it started importing from Russia this year, India saved around 350 billion rupees ($43 million approx.), The Times of India newspaper reported.

At a seminar earlier this month, Indian finance minister Nirmala Sitharaman said that importing oil from Russia was part of the inflation management strategy and other countries were also doing something similar.&nbsp;

India has emerged as the second-largest buyer of Russian crude after China. &nbsp;

Russian oil accounts for 12 per cent of the country’s total oil purchase against less than 1 per cent before the war.

According to Reuters, Russia became India’s second-largest oil supplier in July, throwing Saudi Arabia to the third spot. Although Riyadh won back its position in August, Russia remains the third-largest oil supplier for India.

(With inputs from agencies)

WATCH WION LIVE HERE:&nbsp;

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The US is holding “deep talks” with India over the latter’s reliance on Russian arms and oil, CNN reported on Tuesday, quoting a US state department official. The official claimed that Indian representatives are starting to look at other markets to meet their demands as they try to become less dependent on Moscow for arms purchases.

The US is holding “deep talks” with India over the latter’s reliance on Russian arms and oil, CNN reported on Tuesday, quoting a US state department official. The official claimed that Indian representatives are starting to look at other markets to meet their demands as they try to become less dependent on Moscow for arms purchases. “India is heavily, heavily dependent on Russia, and that’s something that they did to themselves over some 40 years: first their military and then their energy dependence,” the official was quoted as saying. “So, we have been in deep conversation with India about the fact that we want to help them have options to diversify here.” Russian oil has been finding massive takers in the Asian market, with the bulk of purchases coming from India and China. Moscow has been offering oil under heavy discounts as rising energy prices following the West’s sanctions. India meets 83 per cent of its oil needs through imports, making it vulnerable to external shocks. Hence despite pressures from the West, New Delhi decided to pursue its interests to meet the domestic demands. In 2021-22, the country’s oil import bill ballooned to $119 billion, stretching government finances and weighing on the post-pandemic economic recovery. But ever since it started importing from Russia this year, India saved around 350 billion rupees ($43 million approx.), The Times of India newspaper reported. At a seminar earlier this month, Indian finance minister Nirmala Sitharaman said that importing oil from Russia was part of the inflation management strategy and other countries were also doing something similar. India has emerged as the second-largest buyer of Russian crude after China. Russian oil accounts for 12 per cent of the country’s total oil purchase against less than 1 per cent before the war. According to Reuters, Russia became India’s second-largest oil supplier in July, throwing Saudi Arabia to the third spot. Although Riyadh won back its position in August, Russia remains the third-largest oil supplier for India. (With inputs from agencies) WATCH WION LIVE HERE:

US holds talks with India for ending reliance on Russian oil, arms: Report 

Prime Minister Narendra Modi on Monday said India would be the major driver of global energy demand in the years to come, but will hold down carbon emissions even as its power consumption soars.

"India is set to nearly double its energy consumption over the long term," Modi said in the inaugural address at the conference India Energy Forum by CERAWeek.

India has implemented a series of reforms in recent years, including setting up a gas trading exchange and granting marketing freedom to producers, to boost its local output.

Modi said even international agencies that project a contraction in global energy demand to continue for next few years expect Indian demand to rise.

"Our energy sector will be growth-centric, industry friendly and environment conscious. We are well on track to meet the commitment we made to the global community," he said.

"India's Energy Plan aims to ensure energy justice. That too while fully following our global commitments for sustainable growth. This means more energy to improve the lives of Indians. But, with a smaller carbon foot-print."

India is set to raise its annual refining capacity from 250 million tonnes to 400 million tonnes by 2025, while Indian airlines are projected to double their fleet size to 1200 by 2024, Modi said.

To cut its carbon emissions India aims to raise the share of natural gas in its energy mix to 15% by 2030 from the current 6.2% and lift its renewable energy generation to 175 gigawatts by 2022 and to 450 gigawatts by 2030. 
&nbsp;

Prime Minister Narendra Modi on Monday said India would be the major driver of global energy demand in the years to come, but will hold down carbon emissions even as its power consumption soars.

Prime Minister Narendra Modi on Monday said India would be the major driver of global energy demand in the years to come, but will hold down carbon emissions even as its power consumption soars. "India is set to nearly double its energy consumption over the long term," Modi said in the inaugural address at the conference India Energy Forum by CERAWeek. India has implemented a series of reforms in recent years, including setting up a gas trading exchange and granting marketing freedom to producers, to boost its local output. Modi said even international agencies that project a contraction in global energy demand to continue for next few years expect Indian demand to rise. "Our energy sector will be growth-centric, industry friendly and environment conscious. We are well on track to meet the commitment we made to the global community," he said. "India's Energy Plan aims to ensure energy justice. That too while fully following our global commitments for sustainable growth. This means more energy to improve the lives of Indians. But, with a smaller carbon foot-print." India is set to raise its annual refining capacity from 250 million tonnes to 400 million tonnes by 2025, while Indian airlines are projected to double their fleet size to 1200 by 2024, Modi said. To cut its carbon emissions India aims to raise the share of natural gas in its energy mix to 15% by 2030 from the current 6.2% and lift its renewable energy generation to 175 gigawatts by 2022 and to 450 gigawatts by 2030.

India to drive global energy demand while cutting emissions, Modi says

India, the world's third-biggest oil consumer, imports about 84% of its <a href="https://www.wionews.com/business-economy/as-wider-trade-dispute-looms-malaysia-talks-to-india-over-palm-curbs-274679">oil needs</a> and traditionally relies on the Middle East for the majority of its supply.

However, the region's share of India's crude shrank to 60% last year - down from 65% a year ago and the lowest since 2015 - as record output from the United States and countries like Russia offered opportunities for importers to tap other sources.

India shipped in 2.68 million barrels per day (BPD) oil from the Middle East in 2019, down about 10% from 2018, and around 1.8 million BPD from elsewhere.

Deeper than expected oil output cuts by OPEC and allies, shouldered by Saudi Arabia, and less supply from Iran due to US&nbsp;sanctions also dented India's intake of Middle Eastern oil, said Ehsan Ul Haq, analyst with Refinitiv.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-november-oil-import-growth-fastest-in-seven-months-sources-270035">India's November oil import growth fastest in seven months</a>

Last year, sanctions and output cuts by OPEC and allies, known as OPEC+, reduced the group's supplies by 1.9 million BPD from 2018, while non-OPEC supply rose by 2 million BPD, the International Energy Agency said in its latest report.

<img alt="India Oil Imports" data-entity-type="file" data-entity-uuid="40d5237f-e21c-4fa3-892f-ff132917e3af" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T123546.747.jpg" /> 
[&nbsp;boy walks past an oil tanker train stationed at a railway station in Ghaziabad, Courtesy: Reuters) ]

The IEA forecast that producers outside the OPEC+ pact would grow supplies by 2.1 million BPD in 2020.

India is working on a strategy to diversify its oil supply sources to cut dependence on the Middle East, Oil Minister Dharmendra Pradhan said last week, adding that some refiners are in advance negotiations to boost Russian oil imports.

<img alt="Oil imports low" data-entity-type="file" data-entity-uuid="a431b9c8-7ba0-45fd-902e-0f558d54f055" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T123522.599.jpg" /> 
[&nbsp;India's oil imports from Middle East fall to four-year-low in 2019 (Courtesy: Reuters) ]

The drive to expand crude sources also reflects a push by Prime Minister Narendra Modi to bolster ties with countries like Russia and the United States.

India's overall <a href="https://www.wionews.com/business-economy/as-palm-row-simmers-india-says-no-meeting-with-malaysia-in-davos-275314">oil imports</a> in 2019 fell by about 2.1% to 4.48 million BPD, the data showed because most refiners temporarily shut processing units for upgrades ahead of new fuel standards in 2020. India is migrating to Euro VI-compliant fuel from April 1.

Imports from CIS nations rose in 2019 by about 65% to 171,000 BPD, the data showed. Intake of African grades rose by 7.3% to about 713,000 BPD, while US&nbsp;supplies surged by about 63% to 181,000 BPD.

US&nbsp;oil accounted for about 4% of India's overall imports in 2019, up from just 2.5% a year earlier.

"The opening of an arbitrage window for US&nbsp;oil during the year changed oil flows. The differential was enough to take care of shipping," said Haq.

Demand for heavy Middle Eastern grades was also affected by a shift in bunker fuel specifications from January, following new industry rules promoting lower sulphur fuels.

"Most Middle Eastern grades yield high sulphur fuel oil (HSFO) and because of new marine fuel norms, refiners are buying more from other producers to cut production of HSFO and increase the output of very low sulphur fuel oil," Haq added.

India, the world's third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle East for the majority of its supply. However, the region's share of India's crude shrank to 60% last year - down from 65% a year ago and the lowest since 2015 - as record output from the United States and countries like Russia offered opportunities for importers to tap other sources.

India, the world's third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle East for the majority of its supply. However, the region's share of India's crude shrank to 60% last year - down from 65% a year ago and the lowest since 2015 - as record output from the United States and countries like Russia offered opportunities for importers to tap other sources. India shipped in 2.68 million barrels per day (BPD) oil from the Middle East in 2019, down about 10% from 2018, and around 1.8 million BPD from elsewhere. Deeper than expected oil output cuts by OPEC and allies, shouldered by Saudi Arabia, and less supply from Iran due to US sanctions also dented India's intake of Middle Eastern oil, said Ehsan Ul Haq, analyst with Refinitiv. Also Read: India's November oil import growth fastest in seven months Last year, sanctions and output cuts by OPEC and allies, known as OPEC+, reduced the group's supplies by 1.9 million BPD from 2018, while non-OPEC supply rose by 2 million BPD, the International Energy Agency said in its latest report. [ boy walks past an oil tanker train stationed at a railway station in Ghaziabad, Courtesy: Reuters) ] The IEA forecast that producers outside the OPEC+ pact would grow supplies by 2.1 million BPD in 2020. India is working on a strategy to diversify its oil supply sources to cut dependence on the Middle East, Oil Minister Dharmendra Pradhan said last week, adding that some refiners are in advance negotiations to boost Russian oil imports. [ India's oil imports from Middle East fall to four-year-low in 2019 (Courtesy: Reuters) ] The drive to expand crude sources also reflects a push by Prime Minister Narendra Modi to bolster ties with countries like Russia and the United States. India's overall oil imports in 2019 fell by about 2.1% to 4.48 million BPD, the data showed because most refiners temporarily shut processing units for upgrades ahead of new fuel standards in 2020. India is migrating to Euro VI-compliant fuel from April 1. Imports from CIS nations rose in 2019 by about 65% to 171,000 BPD, the data showed. Intake of African grades rose by 7.3% to about 713,000 BPD, while US supplies surged by about 63% to 181,000 BPD. US oil accounted for about 4% of India's overall imports in 2019, up from just 2.5% a year earlier. "The opening of an arbitrage window for US oil during the year changed oil flows. The differential was enough to take care of shipping," said Haq. Demand for heavy Middle Eastern grades was also affected by a shift in bunker fuel specifications from January, following new industry rules promoting lower sulphur fuels. "Most Middle Eastern grades yield high sulphur fuel oil (HSFO) and because of new marine fuel norms, refiners are buying more from other producers to cut production of HSFO and increase the output of very low sulphur fuel oil," Haq added.

Slippery Slope: India's Imports from Middle East at four year low

There are times when one is constrained to divert one’s gaze from proximate neighbourhood towards distant regions-home to countries that are closely tied to our national interest.&nbsp;

Recent political upheaval in Venezuela deserves more serious attention than it has received. Many Indians are not even aware of the fact that India is the third largest importer of Venezuelan oil after the US and China. It has assumed even greater significance in our energy security calculations after the US has imposed sanctions on it in the wake of the dramatic political coup that has taken place in Caracas. Many Indians have much too hastily started celebrating thinking that the US sanctions will create a glut in the market and Venezuela will be forced to sell its oil at reduced prices and against rupees. The issue is far more complex.&nbsp;

First of all, there is no reason to believe that the US shall not threaten countries that continue to deal with Venezuela with secondary sanctions like they did in the case of Iran. This would leave India on the wrong foot, and once again at the mercy of POTUS Trump to avail of some respite.&nbsp;

We have in recent years allowed our ‘special’ strategic relationship with the US to dominate our relationship with countries we import oil from. Those who think that the cut imposed on oil imports from besieged Iran would be compensated by additional imports from Venezuela are not being realistic at all.&nbsp; 
 
Then there is the ‘Chinese Complication’. Venezuelans can’t be expected to give priority to India over their number two buyer. China is not going to be deterred by US bullying in pursuit of its energy security. Trump has declared a trade war against China but it has refused to blink. It is confident that the US companies and consumers feeling the pinch harder will persuade their government to reconsider its policy. (Ironically, support for Trump hasn’t registered a sharp decline so and there has been no explosive deterioration as some analysts had predicted.)

The arrest of the daughter of the founder of Huewei, herself one of the highest place company executives, in Canada enraged the Chinese enough to retaliate swiftly by arresting a former Canadian diplomat and announcing that it will not commute the death sentence awarded to a Canadian national into imprisonment for life.&nbsp;

India would do well to remember that the US shall continue to tread more cautiously where China is concerned. It realises that India, always willing to please the new found Super Power ‘Friend’ will do its bidding without overt arm twisting.&nbsp;

It is in the larger geopolitical context that we should consider recent Chinese statement that there should be no double standards in case of admission to new members to the Nuclear Fuel Suppliers Group. This cartel has 48 members and only China’s stubborn resistance has blocked India’s entry. China would like its longtime ally and protege to be treated at par with India. There should be no need to point out that Pakistan has acquired nuclear weapons through piracy flouting the non-proliferation regime while India has behaved as a responsible nuclear weapon state ever since its Peaceful Nuclear Explosion (Implosion) in Pokhran.

Our much hyped special relationship with the US rests on the cornerstone of agreement on peaceful uses of nuclear energy. Not much progress has been made since the UPA years towards the realisation of rapid economic development through clean energy. Neither new found friend (US) nor time tested ally (Russia) has exerted enough to remove the Chinese obstacle. This issue too is entwined with our energy security. 
 
Only China and Russia along with Cuba and a handful of socialist countries have condemned US recognition of what many see as usurper propped up by the US-driven compulsive to change regimes. How long are we going to let others choose or friends and foes is the question.

China is next door and Venezuela very far across oceans but both of them underline the same dilemma.&nbsp; 
 
(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

&nbsp; &nbsp;

There are times when one is constrained to divert one’s gaze from proximate neighbourhood towards distant regions-home to countries that are closely tied to our national interest.

There are times when one is constrained to divert one’s gaze from proximate neighbourhood towards distant regions-home to countries that are closely tied to our national interest. Recent political upheaval in Venezuela deserves more serious attention than it has received. Many Indians are not even aware of the fact that India is the third largest importer of Venezuelan oil after the US and China. It has assumed even greater significance in our energy security calculations after the US has imposed sanctions on it in the wake of the dramatic political coup that has taken place in Caracas. Many Indians have much too hastily started celebrating thinking that the US sanctions will create a glut in the market and Venezuela will be forced to sell its oil at reduced prices and against rupees. The issue is far more complex. First of all, there is no reason to believe that the US shall not threaten countries that continue to deal with Venezuela with secondary sanctions like they did in the case of Iran. This would leave India on the wrong foot, and once again at the mercy of POTUS Trump to avail of some respite. We have in recent years allowed our ‘special’ strategic relationship with the US to dominate our relationship with countries we import oil from. Those who think that the cut imposed on oil imports from besieged Iran would be compensated by additional imports from Venezuela are not being realistic at all. Then there is the ‘Chinese Complication’. Venezuelans can’t be expected to give priority to India over their number two buyer. China is not going to be deterred by US bullying in pursuit of its energy security. Trump has declared a trade war against China but it has refused to blink. It is confident that the US companies and consumers feeling the pinch harder will persuade their government to reconsider its policy. (Ironically, support for Trump hasn’t registered a sharp decline so and there has been no explosive deterioration as some analysts had predicted.) The arrest of the daughter of the founder of Huewei, herself one of the highest place company executives, in Canada enraged the Chinese enough to retaliate swiftly by arresting a former Canadian diplomat and announcing that it will not commute the death sentence awarded to a Canadian national into imprisonment for life. India would do well to remember that the US shall continue to tread more cautiously where China is concerned. It realises that India, always willing to please the new found Super Power ‘Friend’ will do its bidding without overt arm twisting. It is in the larger geopolitical context that we should consider recent Chinese statement that there should be no double standards in case of admission to new members to the Nuclear Fuel Suppliers Group. This cartel has 48 members and only China’s stubborn resistance has blocked India’s entry. China would like its longtime ally and protege to be treated at par with India. There should be no need to point out that Pakistan has acquired nuclear weapons through piracy flouting the non-proliferation regime while India has behaved as a responsible nuclear weapon state ever since its Peaceful Nuclear Explosion (Implosion) in Pokhran. Our much hyped special relationship with the US rests on the cornerstone of agreement on peaceful uses of nuclear energy. Not much progress has been made since the UPA years towards the realisation of rapid economic development through clean energy. Neither new found friend (US) nor time tested ally (Russia) has exerted enough to remove the Chinese obstacle. This issue too is entwined with our energy security. Only China and Russia along with Cuba and a handful of socialist countries have condemned US recognition of what many see as usurper propped up by the US-driven compulsive to change regimes. How long are we going to let others choose or friends and foes is the question. China is next door and Venezuela very far across oceans but both of them underline the same dilemma. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

India should be wary of the US-sponsored crisis in Venezuela

India&#39;s&nbsp;oil&nbsp;imports&nbsp;from Iran fell 3.5 per cent in&nbsp;May&nbsp;from April&nbsp;as Mangalore Refinery and Petrochemicals Ltd(MRPL) cut purchases because of the&nbsp;shutdown of some&nbsp;units&nbsp;at its plant.

Indian refiners took about 379,200 barrels per day (bpd) of&nbsp;Iranian&nbsp;oil&nbsp;in&nbsp;May, down 13,700 bpd from the 392,900 bpd imported in April, according to preliminary tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal.

May&nbsp;shipments were 3 per cent higher than the 368,000 bpd taken in during the same time a year ago, the data showed.

Last month,&nbsp;MRPL&nbsp;shut&nbsp;a 60,000 bpd crude distillation unit, a coker and a diesel hydrotreater, along with some other&nbsp;units&nbsp;because of an acute water shortage in the state of Karnataka where its refinery is located. This caused&nbsp;MRPL&#39;s&nbsp;imports&nbsp;of&nbsp;Iranian&nbsp;crude to drop to 58,000 bpd from about 110,200 bpd in April.

India&#39;s&nbsp;oil&nbsp;imports&nbsp;from Iran are expected to surge in the coming months when refiners Hindustan Petroleum Corp and Bharat Petroleum Corp begin lifting Iranian&nbsp;oil.

India&#39;s state-owned and private refiners together are expected to buy at least 400,000 bpd in the year that began April 1, a seven-year high, industry sources said early last month.

In the first two months of this fiscal year, Indian refiners shipped in about 386,000 bpd of&nbsp;Iranian oil, a jump of 21.8 per cent from a year ago, the data show.

In&nbsp;May, Essar&nbsp;Oil&nbsp;continued to be the biggest Indian importer of&nbsp;Iranian&nbsp;oil, taking about 190,000 bpd. Reliance Industries Ltd resumed&nbsp;imports&nbsp;from Iran after skipping them in April, taking about 100,000 bpd.

Reliance resumed&nbsp;imports&nbsp;from Iran in March after a gap of about six years.

Indian&nbsp;Oil&nbsp;Corp shipped in about 31,000 bpd of&nbsp;Iranian&nbsp;oil&nbsp;last month.

In the first five month of 2016, India&#39;s&nbsp;oil&nbsp;imports from Iran&nbsp;have surged about 64.5 per cent to 334,100 bpd, the data showed, in comparison with 203,100 bpd in the same period last year.

India reduces oil purchases from Iran by 3.5 per cent in May as Mangalore Refinery and Petrochemicals Ltd close down partially

India's oil imports from Iran fell 3.5 per cent in May from April as Mangalore Refinery and Petrochemicals Ltd(MRPL) cut purchases because of the shutdown of some units at its plant. Indian refiners took about 379,200 barrels per day (bpd) of Iranian oil in May, down 13,700 bpd from the 392,900 bpd imported in April, according to preliminary tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal. May shipments were 3 per cent higher than the 368,000 bpd taken in during the same time a year ago, the data showed. Last month, MRPL shut a 60,000 bpd crude distillation unit, a coker and a diesel hydrotreater, along with some other units because of an acute water shortage in the state of Karnataka where its refinery is located. This caused MRPL's imports of Iranian crude to drop to 58,000 bpd from about 110,200 bpd in April. India's oil imports from Iran are expected to surge in the coming months when refiners Hindustan Petroleum Corp and Bharat Petroleum Corp begin lifting Iranian oil. India's state-owned and private refiners together are expected to buy at least 400,000 bpd in the year that began April 1, a seven-year high, industry sources said early last month. In the first two months of this fiscal year, Indian refiners shipped in about 386,000 bpd of Iranian oil, a jump of 21.8 per cent from a year ago, the data show. In May, Essar Oil continued to be the biggest Indian importer of Iranian oil, taking about 190,000 bpd. Reliance Industries Ltd resumed imports from Iran after skipping them in April, taking about 100,000 bpd. Reliance resumed imports from Iran in March after a gap of about six years. Indian Oil Corp shipped in about 31,000 bpd of Iranian oil last month. In the first five month of 2016, India's oil imports from Iran have surged about 64.5 per cent to 334,100 bpd, the data showed, in comparison with 203,100 bpd in the same period last year.

India's oil imports from Iran dip in May