FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo
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India's oil minister on Saturday expressed concern about the rise oil prices but said it was too early to predict the impact of U.S. sanctions on his country's imports of Iranian oil after Washington withdrew from the Iran nuclear deal.Pradhan also said that there was a consensus between Saudi Arabia's state oil giant Saudi Aramco, Abu Dhabi National Oil Company (ADNOC) and Indian companies to firm a joint venture for India's Ratnagiri oil refinery.Pradhan was speaking at ADNOC's headquarters on the sidelines of an event marking the first cargo of crude oil from ADNOC, to the Indian Strategic Petroleum Reserves Ltd (ISPRL) after it has been loaded and was en-route to India.The cargo is the first under an agreement between ADNOC and India's government-owned company ISPRL, to locate 5.86 million barrels of ADNOC crude oil at the Karnataka facility in the Indian city of Mangalore, ADNOC said in a statement.
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