US move to ease curbs on Iran oil exports may cool global price surge

The US's announcement to lift the ban on Iranian oil exports could help alleviate the global oil crisis. Even if it is for a limited time, it will help lower oil prices in the international market during this difficult situation. This decision could also provide some relief to India in dealing with its energy crisis.

One reason is that India's oil refineries have advanced technology and logistical capabilities to process crude oil and have been processing Russian oil for quite some time.

Recently, the US has talked about temporarily lifting the ban on Iranian oil exports. The Ministry of Petroleum and Natural Gas is monitoring the situation as the US purchase terms are yet to be clarified. After this, India's oil refineries will decide on the purchase.

Currently, 140 million barrels of Iranian crude oil are on ships at sea. A large portion of this is destined for China. However, a significant amount is still available for sale. Not only India but other countries facing oil crises are also seeking to acquire it. However, India is in a relatively better position. Iran, which is at war with Israel and the US, also wants various types of support from India. That is why it has allowed Indian oil tankers to pass through the Strait of Hormuz. Crude oil prices have currently reached $156 per barrel.

India currently imports 85 percent of its energy from various countries. In 2018-19, Iran accounted for 10.6 percent of India's total crude oil imports. Since the US imposed trade sanctions on Iran in 2019, India's imports have declined, and now only a small amount has been produced. In 2025, imports from Iran amounted to just $0.44 billion, while exports amounted to $1.24 billion.