Iran ready to sell oil across the world, America lifts the ban, India will benefit big!

Iran Oil Export Relief: After talks held in Switzerland between America and Iran, Iran has got permission to export oil and petroleum products for 60 days. Under the license issued by the US Treasury Department, Iran will be able to sell crude oil and petrochemical products till August 21. This decision is expected to increase the supply in the global oil market, which can benefit big oil importing countries like India. Experts believe that this can reduce pressure on oil prices and strengthen energy security.

Iran will be able to sell oil till August 21

Under the agreement, Iran has been allowed to produce, transport and sell crude oil, petrochemical products and other petroleum products until August 21. In return, Iran has assured not to affect the movement of ships through the strategically important Strait of Hormuz. This decision has come at a time when US Vice President JD Vance recently said that there has been positive progress in the ongoing talks between the US and Iran.

Treasury Department issued special license

The US Treasury Department has issued ‘Iran General License X’. Under this license, many such transactions related to crude oil, petrochemical products and other petroleum products of Iranian origin, which earlier came under the ambit of sanctions, have been allowed. According to the license, essential business transactions related to production, sale, delivery and shipment will remain valid till August 21.

Why is this decision important for India?

India imports about 85 percent of its total crude oil requirement. In such a situation, increasing oil supply in the global market can be a news of relief for India. Before US sanctions on Iran, India was among its major oil buyers.

In 2019, after the US imposed strict sanctions on Iran, India had reduced the import of Iranian oil to a great extent. After this, oil imports from Russia and other countries were increased.

Also read- 60 days, 6 billion dollars and the eyes of the world; Know the complete inside story of this agreement between America and Iran

Oil prices and supply may be affected

Experts believe that Iran’s additional oil supply could increase availability in the global market, which would reduce pressure on prices. If the oil market remains stable, it could help India reduce import costs and strengthen energy security. However, this relief is currently for 60 days and the further situation will depend on the outcome of US-Iran talks.