“Iran is rich in oil and natural gas resources. It is ready to share the natural resources with India for its development and progress,” Indian media quoted Rouhani as saying today. Iran has been a major exporter of crude oil to India, while Indian oil demand and imports continue to grow to meet rising fuel demand in Asia’s next major influencer of oil markets alongside China. Indian-Iranian energy relations have been a bit strained lately after India had started to reduce imports of Iranian crude oil, making good on its promise to reduce imports by around 20 percent this fiscal year ending March 2018, in possible retaliation for Tehran not awarding the development of a gas field in Iran to Indian firms. Last year, India’s oil imports reached a record high of 4.37 million bpd , up by 1.8 percent compared to 2016, according to data by Thomson Reuters […]