Iran ready to increase energy partnership with India, Oil Minister gave big signals as soon as he reached Delhi

New Delhi. Iran’s Petroleum Minister Mohsin Paknejad, who arrived in India to participate in the meeting of Energy Ministers of BRICS nations, has expressed his desire to take economic and energy cooperation with India to new heights. After reaching New Delhi, he said that Iran is fully ready to further strengthen bilateral relations with India, especially in the energy sector, special attention will be paid to enhancing cooperation.

Paknejad said India and Iran have long-standing historical and cultural ties. He expressed hope that the discussions at the BRICS forum and the proposed bilateral talks between the two countries will give a new direction to economic cooperation in the future.

Special focus will be on energy sector

The Iranian minister said that there is immense potential for cooperation in the energy sector between the two countries. India is among the world’s major energy consumers, while Iran is counted among the countries rich in oil and gas resources. In such a situation, increasing cooperation between the two countries can give new strength to trade relations.

He said that he will keep a special eye on the outcomes of the discussions and meetings held during the conference and will explore opportunities to take forward partnership in various fields.

Also hinted at restrictions

In response to questions related to international sanctions, Paknejad said that at present Iran has a relief period of 60 days and the further process is going on on this basis. He said that detailed comments on this subject can be made only after the completion of the conference and meetings.

His statement is being considered important in the context of the global energy market and India-Iran trade relations.

program of high level meetings

During the Delhi visit, the Iranian Petroleum Minister will meet Indian government officials and senior representatives of the energy sector. Issues like energy cooperation, potential investment, oil and gas supply and regional energy security are likely to be discussed in these meetings.

Experts believe that increased dialogue between India and Iran could be strategically important for both the countries amid global geopolitical circumstances and changes in the energy supply chain.

Relief to oil market due to opening of Strait of Hormuz

Meanwhile, the downward trend in crude oil prices continues in the international market. Due to normalization of movement of oil tankers through the Strait of Hormuz, concerns about supply have reduced, the effect of which is visible on prices.

During Thursday morning trading, Brent crude oil was seen trading at $ 72.42 per barrel, down by about 1.79 percent. At the same time, WTI crude also weakened by about 1.63 percent and reached the level of $ 69.19 per barrel.

Analysts believe that if supply routes remain normal and geopolitical tensions do not increase, the oil market may see stability in the coming days. In such an environment, the global market will also keep an eye on the talks regarding energy cooperation between India and Iran.