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India may rejoin Iran's oil customers club

Business Materials 15 February 2021 10:14
India may rejoin Iran's oil customers club

BAKU, Azerbaijan, Feb. 15

Trend:

Iran should keep India as a country with high fossil energy consumption, an Iranian senior energy expert said.

"An overview of the three main oil markets of the United States, Europe and Southeast Asia shows that the European oil and gas market is shrinking,” an Iranian senior oil expert, Morteza Behrouzi Far said, Trend reports citing ILNA.

“The EU is going to shrink its dependence on fossil fuels and replace the renewable energy resources,” he said.

"The only market that will see a significant increase in oil consumption in the next two decades is Southeast Asia, especially countries like India and China. Of course, if we look at the oil markets in the long run, the markets of India and China are among the markets that can be developed," Behrouzi noted

He went on to say that India and China were our main consumers before the US sanctions. “Certainly, the Indian market is important to us. On the other hand, this country is also looking for a better position in Iran as it sees Iran as a gateway to CIS including Turkmenistan and Kyrgyzstan."

"Certainly, Iran-India oil and trade relations are a win-win game for both sides," Behrouzfar emphasized. "The increase in the volume of India`s oil demand in the next two decades will be significant."

"We must not forget that China and India will increase their energy consumption more and will be among the world's most important future markets," he said.

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