Hardeep Puri's experience to help in oil diplomacy

The Centre will now be able to use the services of Hardeep Singh Puri’s diplomatic skills, apart from those of S Jaishankar, to navigate complexities of global oil politics and procure crude at lower prices. While Jaishankar has been dealing with the fast changing geo-politics, Puri, elevated to Cabinet rank and given the oil ministry on Wednesday, will bring with him vast experience as former Indian envoy to the UN to deal with oil diplomacy.Jaishankar was in Tehran on Wednesday, with India not only looking to build a partnership to handle Afghan situation but also hoping to restart oil imports from Iran following possibilities of lifting of sanctions. Oil prices had gone above $75 a barrel as OPEC and a Russia-led group of producers recently met to weigh surging demand from the industrialised world. There has been disagreement between OPEC allies Riyadh and Abu Dhabi over a proposed deal that would have brought more oil to the market.Moscow, which has been pushing to raise output, is now working behind the scenes to bring both Riyadh and Abu Dhabi back to the table to find a path to agreement, it is learnt. Russia has strong connections with both nations. Amid this volatility, India eyes more long-term crude oil contracts from Russia, with the two countries working on a multi-pronged approach that involves energy sourcing and supplies, upstream investments in Russia and India, and joint collaboration in petrochemicals. India has made major investments in Russian oil sector over the last few years.

from Economic Times https://ift.tt/3xpXJmi