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India may import oil from Iran, Venezuela: Reports

Feb 22, 2021 08:46 IST

India may make diplomatic efforts to organise oil-consuming countries against the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as producers keep crude prices artificially high by restricting supply, and also plans to resume import of cheaper energy from countries such as Iran and Venezuela, Hindustan Times reported.

Crude prices have jumped by over 200% from the last year as the Brent crude was around $63 per barrel on Friday. India imports more than 80% of its crude. It imported about 23.5 million tonne of Iranian crude, nearly a 10th of its requirement, in 2018-19.

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