One-Way-To-Use-This-Natural-Gas
Considering those lopsided Congressional votes, a US rethink on restoring Iran sanctions appears unlikely in the near future.India is developing the Chabahar port in Iran to improve connectivity with Afghanistan and Central Asia. One way to use this natural gas is to convert it into fertiliser, which can be transported easily.What the US withdrawal means?Trump’s decision will bring petroleum-related transactions with National Iranian Oil Company (NIOC) and financial transactions with the Central Bank of Iran under US sanctions in 180 days (by November).4 billion barrels of oil annually — and saved over billion on its annual oil import bill in 2015-17. This burden will eventually fall on consumers, in the form of higher prices and on taxpayers, in form of higher subsidies on critical products.What has the JCPOA done?Iran has massive reserves of oil and natural gas, but produces much below its potential because sanctions have kept away investors and customers. In November 2016, the US Congress voted 419-1 to reauthorise the 1996 Iran Sanctions Act for 10 years. This can throw India’s fiscal and trade deficit out of control.
Even while the JCPOA was in force, Iran continued to remain under US sanctions which imposed significant constraints on its economy, some of which date back to the 1979 Islamic Revolution, when the US embassy staff were taken hostage. During 2016-17, India imported oil at . With JCPOA in force, Iran could freely export its petroleum and increase its oil production by 1. New Delhi can revive this arrangement. Adding Iran sanctions to this mix compounds the problem. Chabahar port is also the hub for the International North South Corridor that India wants to develop for better connectivity with Central Asia and Russia, and as a counter to China’s Belt & Road Initiative. So India will have to live with this reality for the foreseeable future. India’s state-owned Rashtriya Chemicals and Fertilizers had proposed earlier to set up a fertilizer plant in Iran. India also needs to work on long-term programmes to China thread screw barrel Suppliers curb its dependence on imported oil. At current prices, India will have to spend at least /barrel — an extra billion headed out of India annually.Trump ‘tore up’ the Iran nuclear deal, also known as the JCPOA (Joint Comprehensive Plan of Action).6/barrel. Higher price of oil will also trickle down to the end consumers — making diesel, petrol and air-travel more expensive. The US state department subsequently designated Iran as a state sponsor of terror since 1984. In October 2017, the US Congress voted 423-2 authorising the US president to impose new sanctions on Iran for testing ballistic missiles.
This was one of the factors responsible for bringing down the price of oil from over 0/barrel in 2014 to below /barrel in the subsequent years. | AMIT BHANDARI AND KUNAL KULKARNI Published: May 13, 2018, 6:14 am IST Updated: May 13, 2018, 6:14 am IST India is developing the Chabahar port in Iran to improve connectivity with Afghanistan and Central Asia. Low global oil prices of the past few years cut investment in developing new oil fields, reducing oil supply. In the JCPOA, which was concluded in July 2015 between Iran and six global powers — US, China, Russia, France, UK and Germany — Iran agreed to restrict its nuclear programme in return for relief from crippling economic sanctions. This is a re-run of US sanctions on Russia; and a blow to India, which relies on Russia for high-tech defence hardware and technology.On Tuesday, May 8, US President Donald Trump fulfilled an election promise that will end up غير مجاز مي باشدting India billions of dollars in غير مجاز مي باشدtlier oil imports. This was an enormous relief for India, which imports 1.
For India, this is the perfect storm. Iran may be forced to cut down its oil production — as it had to do pre-2015, hurting global oil supply.How will India be affected?The increase in oil prices will hurt India considerably. Money owed to Iran was held in a Rupee account with UCO Bank and used by Iran to purchase goods from India. In an oil market with increasingly tight supply, this is sure to push up prices. The direct impact will be felt in غير مجاز مي باشدtlier oil imports for India. It will damage the country’s trade balance, and may force the government to bring back subsidies on petroleum products such as diesel and petrol, as happened from 2004-14.1 million barrels/day from the 2014 level, to 3.Iranian president Hassan Rouhani holds hands with President Ram Nath Kovind and Prime Minister Narendra Modi at Rashtrapati Bhavan, New Delhi, on February 17.
برچسب: ،