India has announced its intention to resume oil imports from Iran and Venezuela, as part of its objective to diversify its oil suppliers. Imports from Iran and Venezuela were halted after President Trump imposed sanctions on the two OPEC countries when he came to office in 2017. But President-elect Biden’s new office offers high hopes to countries wanting to resume trade with the oil-rich nations. Oil minister Dharmendra Pradhan announced on Wednesday , “As a buyer, I would like to have more buying places. I should have more destinations to go for purchasing (oil),”. He hopes resuming trade with Iran and Venezuela will help diversify the country’s oil import sector. In the financial year 2019-2020, India imported $92.8 billion worth of oil, gas, and petroleum from OPEC members. Diversifying the sources of this importation would help India to cut its high import bill, as the world’s third-largest importer of […]