India Cuts Iran Oil Imports Sharply In June

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

This reaction from Iran comes as a response to the USA policy which called out countries to start reducing the import of oil from Iran and bring it to zero by 4 November.

On Tuesday, Iran's deputy ambassador and charge d'affaires, Massoud Rezvanian Rahaghi, clearly announced that India will lose its "special privileges" if it cuts down on its import of Iranian oil or if it tries to replace the oil with imports from Saudi Arabia, Russia, Iraq, the United States and others.

This was stated in as many words by Iran's deputy ambassador to India, Massoud Rezvanian Rahaghi, while speaking at a seminar on Emerging Challenges and Opportunities in Global Diplomacy and its Impact on Bilateral Relations with India, organised by the All India Minorities Front.

Jahangiri said Washington was trying to stop Iran's petrochemical, steel and copper exports, and to disrupt its ports and shipping services.

The US, which in May pulled out of a landmark nuclear deal and said sanctions will be re-imposed on Iran within 180 days, has threatened to cut off access to the American banking system for foreign financial institutions that trade with Iran.

In May 2016 India, Iran and Afghanistan signed a pact to establish a Transit and transport Corridor, whereby Chabahar would be cultivated as a regional hub for sea transportation and commercial shipments.


"We should strive to make this relationship more sustainable and durable".

In April to June 2018, the first quarter of this fiscal year, India's oil imports from Iran rose by about 24 percent from the previous quarter to about 647,000 bpd, the data showed. Pompeo said that the USA would consider waivers for certain countries that wish to import Iranian oil, but added that Washington is determined to take a hard line on Tehran.

India is yet to take a call on complying with the USA sanctions on Iran.

Indian refiners cut imports of Iranian oil last month as they started weaning their plants off crude from the country to avoid sanctions by the United States that are set to take effect in November. He warned such imports largely would be "sanctionable activity and we will enforce those sanctions". He also stopped by the US Embassy in Abu Dhabi.

"In such a selfish approach, the U.S. is targeting the whole world - either to be its friends and allies or be rival".

The secretary of State's comments came as the US steps up pressure on Iran after President TrumpDonald John TrumpMcConnell to meet with Trump's Supreme Court pick Tuesday Kavanaugh offers lengthy judicial record ahead of bitter confirmation fight Hundreds protest Kavanaugh's nomination outside Supreme Court MORE's announcement in May that he would withdraw from the 2015 nuclear deal with Tehran, which sought to curb Iran's nuclear ambitions in exchange for sanctions relief.

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