The arrested sailors were planning to move stolen crude oil from Nigeria with two foreign vessels, MT Apecus and MT Invictus, believed to be owned by Petrogress Incorporation, which has offices in Nigeria, Greece and the US.
At the Interbank Foreign Exchange, the rupee opened sharply lower at 70.06 and fell further to the day's low of 70.27 as crude oil prices breached the USD 75 per barrel mark for the first time this year.
Six other countries- Greece, Italy, Turkey, South Korea, Taiwan and Japan- also received exemption. The US said it will continue to negotiate with these countries to get them to cut their Iranian imports to zero.
Barring a short period of surge due to Reliance’s output from the Krishna-Godavari basin, natural gas production in the country has failed to rise meaningfully, negating expectations of having assured green fuel supplies at economic rates on long-term basis.