Pompeo presses Europe to get tough on Iran

12 July, 2018, 20:43 | Author: Brooke Harris
  • Iran promises to sell as much oil as it can in wake of US sanctions

Iran is India's third-largest oil supplier after Iraq and Saudi Arabia.

"However, if India were to replace Iran with countries like Saudi Arabia, Russia, Iraq, US and others for 10% of its oil demand then it may have to revert to dollar-denominated imports", Rahaghi said.

He also criticised India for not making investments in the expansion of Chabahar port in Iran as promised with the signing of a pact in May 2016. "Recent purchases of U.S. crude and liquefied natural gas are just a couple of examples of this potential" Haley had said on her visit to India for a meeting with PM Modi on the same.

"Our focus is to work with those countries importing Iranian crude to get as many of them as possible down to zero by November 4", a US State Department official said.

The embassy said Iran will do its best to ensure security of oil supply to India by offering various flexible measures which facilitate bilateral trade, particularly Indian exports to Iran.

Iran on Tuesday indicated withdrawal of all privileges extended to India in bilateral trade, including payments in rupee and long-term credit, if New Delhi cuts back on oil imports from Tehran in the wake of U.S. sanctions on oil trade that will kick in on November 4.

Referring to the current customers of Iranian oil, to which the U.S.is calling upon to cut off crude oil imports from Iran, the state department official said that "we are very serious and determined about re-imposing our sanctions that were lifted under the Iran nuclear deal, and we are working very closely with nations to provide alternatives to the Iranian supply of oil".

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Speaking to Press TV, author and political scientist Kaveh Afrasiabi, however, played down Pompeo's drive, saying his efforts will likely fail to produce any result.

Last week, while ruling out waivers to India and Turkey - which have told Washington that they would continue to import oil from Iran - the USA had indicated willingness to work with countries that are reducing their oil imports from Iran.

President Donald Trump said in May he would pull the United States out of an global accord under which Tehran had agreed to limit its nuclear development in exchange for sanctions relief. "That's an opportunity for United States producers to sell into the Indian market". Three others are headed for undisclosed ports on India's west coast from the US Gulf Coast.

Another Vitol-chartered VLCC, the Maharah, sailed from Galveston last week and was headed to Sikka with 1.98 million barrels of oil.

Sources told Reuters last month that private refiners Nayara Energy and Reliance Industries Ltd plan to halt Iranian oil imports.

Vitol and PetroChina declined to comment. "They really have started to make the shift", said Olivier Jakob, managing director of energy consultancy PetroMatrix.

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