India�s Crude Oil Procurement Opportunity

Volatile crude prices and a depreciating Rupee against USD has inflated India's crude oil import bill. �Recently as rupee weekend and global crude oil price increased on account of geo-political tension in Middle East, concerns regarding high current account deficit mounted. To reduce the oil driven increase in current account deficit and under recoveries, government is contemplating alternatives including an increase in crude oil purchase from Iran, which has agreed to receive payment in rupees. It is estimated that USD 8.5 billion can be saved by importing an additional 11 Million tons from Iran. Author: Gaurav Menghi