Announced it will stop exempting countries from its sanctions on by iranian oil from a second and anyone who still buys all from tehran faces a dispute with the biggest economy in the world the price of oil was already on the rise up thirty percent over the weekend after the news from washington the prize took a significant increase brant crude the Global Benchmark cost nearly seventy five dollars a barrel on tuesday the u. S. Sanctions policy is putting the Global Economy under pressure and is driving Prices Higher particularly in those countries that have benefited from the exemptions until now such as india. Indias economy is booming its g. D. P. Is expected to rise by seven percent and that Economic Growth is fueled by oil and so india is buying in large quantities from what iran is selling on easy terms iranian crude is delivered free of charge a fully insured and with a payment period of up to sixty days Excellent Service but who will be able to fill
the void. Thats what india an
last year looking good one hundred twenty five million dollars in sales but racked up a loss of two hundred forty one million dollars. coming back to top story the end of the sanctions exemptions for buyers of indian oil i think we can now talk to our correspondent in bangalore j p k j if you can hear me i hope you can there will be a significant shortfall for india one of the biggest importers of iranian oil can get india oil from other sources. so that india s third largest consumer of oil in the world and a majority of it is for full problem or oil from countries like iran saudi mexico and it looks like india is going to have to source or oil from alternative sources so in this oil minister said as much earlier today that you know we are going to go our source oil from mexico and saudi and u.a.e. and other countries but this is definitely going to push prices for india. j what s
the economic fallout of this move on india. remember this is going to push oil prices which is already happening and. as you reported earlier today that there are some analysts are also predicting that the price could end up somewhere between eighty two eighty five dollars a barrel which means you know it has a cascading effect on india s fiscal deficit it has it has an effect on inflation and in the prices of goods definitely not a good story for india. in bangalore thank you very much. a bit over a year ago china literally stopped taught taking the trash out up until then china had been processing up to seventy percent of the world s recycling with dire consequences for its own environment now that it has reduced taking other nations