India is holding a series of telephone conversations with US Secretary of Energy Rick Perry on Monday to discuss the oil price volatility created in part by the perception of a tighter oil market in the wake of US sanctions on India’s neighbor, Iran, according to a press release from India’s Ministry of Petroleum & Natural Gas . India’s Minister of Petroleum and Natural Gas Dharmendra Pradhan also discussed crude oil purchases from the United States, and ways to “further develop gas-based economy in India.” The spot price of a Brent barrel fluctuated between $60 ad $64 in the last week alone. While it has come down substantially since mid-May when Brent was sitting around $72 to barrel, oil prices are still up significantly from the lows this year in January when prices were closer to $50 per barrel. The higher prices are a significant concern for India, who […]