India cuts Iranian oil importsin June ahead of U.S. sanctions

Iran promises to sell as much oil as it can in wake of US sanctions

Iran promises to sell as much oil as it can in wake of US sanctions

In a Tuesday interview with Sky News Arabia, U.S. Secretary of State Mike Pompeo suggested there might be some room to maneuver on Iranian oil exports.

"In previous round of United States sanctions between 2012 [and] 2015, Iran did its best to ensure security of oil supply to India", Iran's Deputy Ambassador and Charge d'Affaires Massoud Rezvanian Rahaghi said at an event organised by the All India Minorities Front at the Parliament annexe on Tuesday.

While the U.S. wants all countries, India included, to reduce oil imports from Iran to zero, Washington's ambassador to the UN Nikki Haley had said a fortnight ago that the Americans were open to working with New Delhi on Chabahar in view of its strategic importance, particularly with regard to Afghanistan.

United States in May said it would reimpose the sanctions after withdrawing from a 2015 agreement with Iran, Russia, China, France, Germany, and Britain, where Tehran agreed to curb its nuclear activities in return for the lifting of earlier sanctions.

The defense chief also said that the USA has adopted the "tactic of causing distance between the people and the system" to harm the country after finding that it can not reach its objectives by imposing sanctions.

The Trump administration has moved in recent months to impose penalties on Iranian individuals and entities, and senior USA officials have said that Washington has begun pressing other countries to end Iranian oil imports by November. While in Europe last week, Rouhani said any disruption to Iran's oil exports would result in the whole region's exports being disrupted.

India prefers to buy Iranian oil because of the proximity of that country's ports to refineries along India's western coast and also the 60 days of credit that Tehran allows for purchases. The sources declined to be identified since they are not authorised to speak to the media.

Iran has criticised India for not making investments in the expansion of the Chabahar port saying that New Delhi will lose "special privileges" if the import of Iranian oil is curtailed. State refiners, accounting for about 60 per cent of India's almost 5 million bpd of refining capacity, lifted 10 per cent more Iranian volumes in June compared to May, at about 454,000 bpd, the data from the sources showed. Indian state refiners had cut oil imports from Iran in the 2017/18 financial year because of a dispute over the development rights for an Iranian natural gas field. If the argument is for unity on the Iran issue, those nations may point out they've already reached a consensus weeks ago, and it was on preserving the deal, with or without the US.

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