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US President Donald Trump indicated on 23 May that the deal with Iran was 'largely negotiated' but on 24 May he said, 'The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal.' On 25 May, President Trump said the Iran deal will either be a 'meaningful one' or there will be no deal at all, signalling that talks may drag. The reason for this delay seems to be resistance from Republican lawmakers that the negotiation was favorable to Iran. Meanwhile, during his four-day visit to India, US Secretary of State Marco Rubio held talks with Indian Prime Minister Narendra Modi in Delhi. Rubio said India has committed to purchasing USD 500B worth of US goods over the next five years, with a focus on energy, technology and agriculture. Rubio also indicated that US's plans for energy supply to India involve Venezuela's crude oil, which India is already buying. Parallelly, India's forex reserves are depleting at an alarming rate because imports are exceeding exports by a large margin and are estimated to widen to USD 70B in 2026–27. India's Chief Economic Advisor V Anantha Nageswaran has said the country is facing a 'live balance of payments stress test.' In April, the export shipment value of Basmati rice—mostly grown in Panjab—fell by 6%. To deal with the situation, India is looking to Oman for continuation of its vital trade in essential foods—rice, meat, poultry, dairy, fruits and vegetables—with the broader region by routing shipments through Omani ports and land routes, avoiding high-risk maritime zones. To procure fertilizers for the monsoon paddy sowing season, of which Panjab is a major consumer, Indian Potash Limited floated a consolidated tender seeking 521K T of ammonia, but received bids totalling only 239K T. Concurrently, the Indian government is steadily increasing fuel prices, with the fourth hike in the last 110 days on 25 May. Petrol price has now been raised by USD 0.084 (INR 8.06) and diesel by USD 0.082 (INR 7.80). This will have a cascading effect on all commodities. The Petrol Pump Dealers Association Punjab alleged oil companies were deliberately cutting fuel supply to decrease losses, forcing them to ration supplies (earlier coverage).
Marco Rubio & Narendra Modi Photo by The Pioneer
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