After The Bomb: India Eyeing Saudi Oil..... DA WHAT TOOK SO LONG???
India is reportedly reconsidering oil imports from Iran after Monday's bombing in Dehli; security officials suspect Iran.
Saudi Arabia has offered additional crude supplies to India in a move that could help Delhi replace Iranian oil-imports, Saudi state television reported.
Saudi Arabia is the biggest oil supplier to India is the only oil producer with significant spare capacity to replace any fall in supply from its regional rival Iran.
"King Abdullah offered all assistance, including additional supply of crude oil, should India require the same. He expressed eagerness to strengthen relations with India," the Indian government said in a statement on Tuesday.
India's defense minister is presently in Riyadh to discuss defense cooperation with his Saudi counterpart. Sources told the Timesof India that oil is on the two defense minister’s agenda.
Iran, whose oil and banking industries have been targeted by an extensive raft of sanctions from Western nations, has become increasingly reliant on exports to China, India, and Russia to maintain its cash-flow.
India, which developed its own nuclear weapons in defiance of international pressure, has pointedly ignored sanctions by the United States and European Union aimed at halting Tehran's nuclear program.
Iran's oil sales to India have been fraught with payment problems in the past 13 months as available banking channels have become increasingly scarce.
India currently pays Iran for oil through Turkey's Halkbank, but there are growing concerns among Indian importers that banking channel may also be closed under international pressure.