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Here's why India decided to cut Iranian oil purchases in row over gas field

India prefer the risk in buying of crude from spot markets than stick to long term contracts

Subhomoy Bhattacharjee 

Subhomoy Bhattacharjee The context to the apparently sudden dispute between India and Iran on oil has much more to do with expected trend in pricing of crude and less to do with the delay on the terms of Farzad B gas field.  Indian policy makers feel they can slowly take on more risks in buying of crude from spot markets than stick to long term contracts.  India has always played with a safety first approach to the purchase of its crude from abroad which accounts for 80% of its domestic requirement. The approach is a follow though from the impact of the successive oil shocks of the ...

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First Published: Wed, April 05 2017. 19:46 IST
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