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Crude prices fall further with Iran n-deal

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New Delhi, As Iran and the six world powers reached a nuclear agreement by their deadline, crude oil prices fell further on Tuesday, pulled down by prospects of easing of sanctions imposed on the Persian Gulf nation.2695927_25f451ea

London Brent crude dropped to $56.96 a barrel of nearly 160 liters, while US crude was trading down at $51.12. The Indian basket crude oil traded on Monday, the deadline for the nuclear deal, at $57.19 per barrel.

The Indian basket had fallen last Tuesday to $56 a barrel, as China’s stock market-plunged and the Greek crisis revived the specter of weaker economic growth that could impact oil demand.

China’s economic growth in the second quarter is forecast to be the weakest since the 2008-2009 global financial crisis.

The International Energy Agency said last week that Iran has at least 17 million barrels of crude oil stored and ready to be shipped.

“Iran would seek to increase its oil exports to the global market if a nuclear deal is reached and the western sanctions are lifted,” Iranian Oil Minister Bijan Zangeneh said recently.

He said Iran can restore its production of one million barrels per day fairly quickly, which supply can hit the market in less than six months.

This would add to output from the Organization of Petroleum Exporting Countries (OPEC) whose production levels are already at a three-year high, at a time when the market remains quite over supplied.

OPEC released its monthly oil market report on Monday, with Saudi Arabia reporting a record crude oil production of 10.6 million barrels per day (bpd) in June, an increase of more than 200,000 bpd on the previous month.

Stable crude oil prices in the international markets would help India manage its macro-economy well, chief economic adviser Arvind Subramanian has said.

“I do not see oil prices going beyond $80-85 a barrel (about 160 liters), given the fundamental changes in the market. If oil prices remain steady even at that ($80-85) level, I think we can manage the economy well,” Subramanian said at a lecture late last month at the Bangalore International Center.

“Besides decline in our oil import bill, we have seen fundamental shifts in the international market, which has helped crude oil prices remain steady,” he said.

(IANS)

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Iran President Gearing Up For His India Visit To Discuss Trade And Policies

The visit will be used to discuss trade and policies between the two countries

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Iranian President Hassan Rouhani will discuss trade policies and other issues during this visit of his. http://www.telegraph.co.uk
Iranian President Hassan Rouhani will discuss trade policies and other issues during this visit of his. http://www.telegraph.co.uk
  • Iran president Hassan Rouhanito come on a three-day visit to India
  • The visit will be used to discuss trade and policies between the two countries
  • Business traders of both the countries will do a meeting soon too

Iran President Hassan Rouhani will come on a three-day visit to India starting Thursday at the invitation of Prime Minister Narendra Modi, the External Affairs Ministry announced on Wednesday.

Modi and Rouhani will hold a bilateral meeting here on Saturday, during the course of which both sides would review the progress achieved in bilateral relations and also exchange views on regional and international issues of mutual interest, according to a ministry statement.

Iranian President Hassan Rouhani to visit India soon. Photo Credit: observer.com
Iranian President Hassan Rouhani to visit India soon. Photo Credit: observer.com

Rouhani will also call on President Ram Nath Kovind on Saturday.

According to Iranian news agency Irna, Rouhani will first arrive in Hyderabad on Thursday where he will meet the city’s Muslim Ulemas. He will also meet Iranian nationals, including students, residing in India.

Citing the Iran President’s deputy chief of staff for communications and information Parviz Esmaeili, Irna said following the delegation-level talks on Saturday, both sides will sign a number of agreements.

Also Read: Iran Accuses CIA for spreading ‘Fake News’ about Tehran’s support to Al Qaeda

Business leaders of both sectors are also scheduled to hold a joint meeting to review cooperation opportunities and capacities, according to Esmaeili.

This will be Rouhani’s first visit to India after he assumed office in 2013.

It comes after Modi’s visit to Tehran in 2016 during which a trilateral agreement on transit and transport was signed between India, Iran and Afghanistan.

The first phase of the port was inaugurated by President Rouhani in December last year, a little over a month after the first consignment of wheat from India to Afghanistan was sent via this facility.

Iranian President Hassan Rouhani has already talked to the Indian
Iranian President Hassan Rouhani has already talked to the Indian
President Ram Nath Kovind. Wikimedia Commons

The port opens a new strategic transit route between Iran, India, Afghanistan and other Central Asian nations bypassing Pakistan.

India-Iran bilateral trade stood at $12.89 billion in 2016-17, according to figures provided by the External Affairs Ministry. IANS

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