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India Hopes for More Iran and Venezuela Oil Exports Under Biden

  • ‘Some geopolitical changes are there,’ says India oil minister
  • Crude importer also unhappy with sudden Saudi production cuts
Operations At Ukrnafta PJSC's Oil And Gas Field Processing Site
Photographer: Vincent Mundy/Bloomberg

India is hoping U.S. President Joe Biden’s administration will take a softer line against adversaries Iran and Venezuela, enabling the world’s third-largest oil importer to diversify its sources of crude.

The country would be happy if the number of oil-producing nations rise, Oil Minister Dharmendra Pradhan said in an interview on Bloomberg TV, reiterating comments that he made last month. “Some geopolitical changes are there,” he said. “Let us wait for how things unfold.”