India hopes for de-escalation of tension in oil producing nations: Dharmendra Pradhan

Amid the escalating US-Iran tensions, Union Minister of Petroleum & Natural Gas Dharmendra Pradhan on Sunday said that India hopes for the tensions in the oil-producing countries to subside as it will be in the global interest. 

"In today's times when there is a tension in the oil-producing countries then there is a direct impact on the prices of oil in the markets. India hopes that there is no tension in the oil-producing countries. It is in the interest of everyone," said the union minister adding, "There is a spike in the crude oil prices in the international market due to tension in the oil-producing countries. We will look to import oil from countries apart from the gulf countries. But the tension in Iran should subside".

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Effect on India

Following the death of top Irani General Qasem Soleimani in a drone attack by the US and a missile attack on Iraq based US embassy in retaliation, crude oil prices are witnessing a sharp rise in the international market. Experts have reported that if a war rages between the US and Iran, it will have international ramifications for all the nations whose trade routes pass from the regions. India, might be affected more considering its oil supply comes through the route. Iran currently hosts nearly eight million Indians as well as accounts for 90 per cent of India's oil requirements.

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US-Iran conflict

The US and Iran have been at loggerheads for a long time however tensions escalated after the US air raid killed Islamic Revolutionary Guard Corps Commander General Soleimani who was known to be the second-most powerful leader of Iran. The US has maintained that General Soleimani was responsible for the deaths of hundreds of American troops over the years and was also planning an attack on the US bases. Iran has hoisted a red flag which indicates war and has vowed to retaliate for the assassination of its top general by the US, but in response, US President Donald Trump has also warned that Washington has targetted 52 cites in Tehran.

(With ANI inputs)

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