India's imports of Middle Eastern oil plunged to a four-year low in 2019, tanker data obtained from sources showed, as the energy-hungry nation diversifies its supplies to cut costs and help shield itself from geopolitical tensions.
India's oil demand is expected to reach six million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making it more reliant on crude imports and more vulnerable to supply disruption in the Middle East.
An Iranian energy expert believes global oil prices would remain stable if the Americans and other Western staff operating production facilities in Iraq are expelled or decide to leave the country on their own.
Oil prices rose over 1% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a US airstrike killed a top Iranian military commander.
The Iranian economy has for a first time grown without enjoying normal revenues derived from sale of crude, says a senior government minister, adding the country is exporting more non-crude commodities than ever.
Turkish President Tayyip Erdogan urged world powers on Tuesday to help it resettle one million Syrian refugees very soon, accusing governments of moving more quickly to guard Syria's oil fields than its children.
Iranian experts have the know-how to manufacture 12,000 components and sophisticated equipment of the petroleum industry inside the country, CEO of a major state-run oil corporation said, unveiling plans for domestic production of 7,500 new industrial parts.