The Oil Jumble

On Monday, President of US Donald Trump said that waivers given to eight countries to purchase oil from Iran would be withdrawn effective May 1. This essentially means that purchasing oil from Iran beyond this day will invite sanctions.

In response, Indian government has said that we are prepared with alternate sources to meet our internal demand. India has been the second largest buyer of oil from Iran after China. India will compensate for this loss by buying more from OPEC countries, Mexico and US.

Do you think oil prices will rise due to this? Leave your comments below…

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