The crude oil trap

The US has not extended the exemption from its sanctions against Iran granted to some countries, including India, that import crude oil from that country. This move, while not entirely unexpected, is nevertheless a negative shock. As much as 11 per cent of India’s crude oil imports are from Iran. It is true that India has sought to diversify from Iranian imports under US pressure. The waiver capped Indian imports from Iran at 300,000 barrels of crude oil a day. India further decreased the amount it was importing, such that in January of this year, according to published reports, there ha.....
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