Iran ‘Oil Shock’ Will Hurt India’s Economy

28 February 2012 - Which Way to Pay

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Iran ‘Oil Shock’ Will Hurt India’s Economy

An ‘oil shock’ resulting from a disruption of oil supply in West Asia would cause oil prices to spike which could damage India’s economy, more than most other countries. Iran has become the focus of attention for the global economy on account of oil-economics. Escalation in Iran-Israeli tension has already sent crude oil prices edging up and could cause significant problems for India. Rising oil prices will be bad news at a time when the Reserve Bank of India appeared to be about to ease up on the monetary tightening of last year.

Finance Minister Pranab Mukherjee said today that the surge in crude oil prices is a  “disturbing trend” but that it was too early to say what the definite impact will be on India’s economy.

Oil Minister S Jaipal Reddy has said that India is not facing any external pressure on purchasing crude oil from Iran and it will only abide by UN sanctions and not those proposed by anyone else. He has said India rejects US and European sanctions against Iran, “We will respect UN sanctions but will not honour any other sanctions.” He added, “We have cordial relations with Iran and we continue to import oil from them.”

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