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US move to ease curbs on Iran oil exports may cool global price surge
Oil Crisis: The lifting of sanctions on Iranian oil is being considered a major U-turn in US policy, as Washington had previously maintained strict restrictions on Iran's oil exports. The impact of the war on shipping and production has led to a sharp rise in energy prices worldwide, increasing pressure on the US to find alternative supply sources.
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.
