India Interested In DevelopingIndia Interested In Developing Strategic Chabahar Port In Iran Strategic Chabahar Port In Iran

14/07/17 • •

India is keen to rapidly develop Iran’s Chabahar Port, a strategic facility that New Delhi hopes will open up opportunities to Indian companies wanting access to Iran, Central Asia, Russia and other regions beyond. Chabahar sits on the Gulf of Oman near the Iranian border with Pakistan and promises India the possibility of direct sea access from its western coast. India, which imports 80% of its crude oil needs, has a long-standing relationship with Iran, especially in the energy sector. India is the second-biggest buyer of oil from Iran, after China.

Iran pushes OPEC oil output to new high as sanctions are lifted

iconOEF REVIEW:OPEC oil production has jumped to its highest in recent history in January as Iran increased sales following the lifting of sanctions and its rivals Saudi Arabia and Iraq also boosted supply, a Reuters survey showed on Friday. Rising output in the Organization of the Petroleum Exporting Countries further aggravates the market share battle between top global producers. In the past year this has flooded the market with new barrels, creating one of the worst oil gluts in history and helping send prices to a 12-year low.