Challenges due to Iran-USA tension: Even though India stopped importing Iranian crude oil after a US ultimatum, the West Asian region remains New Delhi’s largest crude oil supplier, with Iraq, Saudi Arabia, UAE and Kuwait among the largest oil exporters to India. The tension between USA and Iran will not only damage India’s oil supply lines - it imports 84% of its oil needs - but will also raise associated costs, such as the insurance cover for oil tankers.
ASEAN has been the vehicle for India’s expanding partnership with South East Asia, but there is no similar forum in the Middle ....
