Published: Wed, July 11, 2018
Business | By Tara Barton

India's Oil Imports from Iran Fall by 15.9% in June

India's Oil Imports from Iran Fall by 15.9% in June

US Secretary of State Mike Pompeo, on a visit to the United Arab Emirates, said Tuesday that the US wants to show Iran its actions have "a real high cost".

In May, President Donald Trump announced that the USA was withdrawing from the Iran nuclear deal signed by the Obama administration in 2015, under which Tehran had agreed to limit its sensitive nuclear activities and allow global inspectors in return for lifting of crippling economic sanctions.

Pompeo said that included a "series of sanctions aimed not at the Iranian people, but rather aimed at the single mission of convincing the Iranian regime that its malign behavior is unacceptable".

Mr. Pompeo pointed to Iranian President Hassan Rouhani and his recent threats over the Strait of Hormuz, through which a third of all oil traded by sea passes.

Listing the "privileges", he said that in the previous round of sanctions "Iran did its best to ensure security of oil supply to India and offered flexibility through selling oil with longer term credits and discounted prices as well as oil payments in rupee, and insurance coverage for oil shipments which facilitated our bilateral trade and pushed up significantly Indian export to Iran". Pompeo said that the US remained committed to ensuring that shipping lanes remained open. "That's the commitment we have had for decades".

Iran "should know that America is committed to keeping sea lines open, keeping the transit of oil available for the entire world", Mr. Pompeo said.

"Iran has always been a reliable energy partner for India and others, seeking a balanced oil market and rational prices of oil which ensure the interests of both countries as consumer and supplier", the embassy said in a statement.

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

Shipping to Iran and ports in the country are also coming under the USA sanctions.

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

Referring to the USA sanctions on oil import from Iran, Rahaghi made it a point to mention that his country has been a reliable energy partner for India and has always followed a "rationale pricing" of oil which ensures the interest of both, consumers and suppliers.

Mr. Pompeo met Abu Dhabi's powerful crown prince, Sheikh Mohammed bin Zayed Al Nahyan, and Foreign Minister Abdullah bin Zayed Al Nahyan on his short trip to the UAE.

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.

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