India steps up on talks to check oil prices
In order to keep a check on the spiraling oil prices which have resulted from the US sanctions on Iran, India has resorted to diplomatic channels to address the issue. The recent geopolitical tensions – attacks on oil cargoes in the Gulf region and downing of a US drone by the Islamic Republic – have added to the woes of oil importers in India. These tensions may also drive the freight and insurance costs up. The rising crude prices are a serious cause of concern for India as it imports 84% of its oil needs. In order to ensure a constant supply of oil from the region, India has also deployed warship and aircraft to secure tankers headed to India from the Persian Gulf region.