The Hillary Effect. India ditches Iran, ups oil ties with UAE, Saudi Arabia and Iraq.What effect may i ask?(BM).By Mayabhushan Nagvenkar.New Delhi: US secretary of state Hillary Clinton’s crack of the whip vis a vis India’s oil imports from sanction-hit Iran appears to have worked. Keen on making up the for the likely drop in the import of Iranian crude, India is now cozying up to United Arab Emirates (UAE), Iraq as well as Saudi Arabia to beef up its oil import. A joint task force headed by India’s minister for trade and commerce Anand Sharma and other UAE officials have also been working at beefing up UAE’s investment into India to the tune of half a trillion US dollars. India is also eager to up its oil import from 12 million tons last year to 14 million tons this year. The oil rich conglomeration of Arab emirates are one of the world’s largest suppliers o crude oil and the UAE is also the UAE is the fourth largest supplier of oil to India.Meanwhile, a spokesperson for the US government, which seems to be overtly India’s shift in the oil import policies, has said that India’s oil imports from Iran had dropped by as much as 11 per cent, which equals to 15.5 million tons in this financial year alone.Hmmmmm.........MFS: Using the NY Times numbers below , this would mean that India who imports about 325,000 Barrels a day from Iran , would reduce it's oil import by 35,750 barrels a day, leaves 289,000 a day being imported, not really a 'succes story' if you ask me. Not mentioning Turkey who's still importing 55% of it's oil needs from Iran.The whole thing sounds like a 'smokescreen' if you ask me.Why else would India be buying Gold in Turkey to pay for Iranian Oil?Read the full story here.
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