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A journey which began in Istanbul in 2012 ended in triumph in Vienna in July 2014, as the P5+1 countries and Iran announced a Joint Plan of Comprehensive action that would see Iran free of all economic sanctions while upholding the right to a civil nuclear programme. While this journey, fraught with challenges, technically is over, the ratification battle in the U.S. congress commences now
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Amit Bhandari, energy and environment fellow, speaks to Dev Lewis, Gateway House, on the impact of the Iran deal on global energy markets. He also outlines why this is a window of opportunity for Indian business
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The announcement in June of a Saudi-Israeli alliance against Iran has to be seen in the context of the strategic dimensions of India’s relations with Saudi Arabia, Israel, Iran, and the U.S. And it has far-reaching implications for India’s policy towards West Asia
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A possible Iran nuclear deal means a longer window of lower oil prices. But the glut of oil supplies is already resulting in cutbacks to oil exploration and production spending, and will eventually lead to higher energy prices. Before that happens, India must use this opportunity to lock in prices
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The price of petroleum has risen by almost 40% since February 2015 because of geopolitical tensions. This spike underlines the need for India to hedge its energy imports using a mix of financial markets and asset purchases
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If the sanctions against Iran are eased following the April 2 agreement with the P5+1 on the country’s nuclear programme, it will increase global oil and gas supplies, bringing stability to energy markets. It could also resolve the issue of the Farsi Block in Iran, where further exploration of gas by Indian companies has been held back
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One of the long-standing issues in the Iran-P5+1 negotiations was Iran's Arak nuclear reactor because of its potential to produce weapons grade plutonium. The recent Iran-P5+1 agreement includes a resolution that has specific measures to ensure it is not used to used to produce nuclear weapons
Courtesy: U.S. State department/Flickr
With the EU, Iran, and other entities taking decisive steps on April 2 to ensure a non-nuclear Iran, President Obama must now counter interests in the U.S. that want to stymie the final agreement. But having come this far, and considering the comprehensive benefits of an agreement, all sides are sure to deliver
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Last week, petroleum prices reached a five-year low, and the fall is likely to last as new production and alternative sources enter the market. India, which has a huge petroleum products bill, now has a chance to shock-proof its economy, diversify dependence away from West Asia, and become energy-efficient
Courtesy: wikimedia
The fall in oil prices is creating new complexities for the energy exporting economies of West Asia. With smaller profits, these countries may not be able to buy off political dissent at home and fund client governments and rebels abroad. Lower energy prices could also mean a renewed chance for peace