India unlikely to resume Iran oil import

India unlikely to resume Iran oil import


India is unlikely to resume crude oil import from Iran, which stopped when exemptions to US sanctions expired on May 2, the government officials have said.

Iran is the main source of crude oil for India and the sanctions are impacting India’s energy security because India hasn’t been able to find an alternative source that matches the quality, quantity and lucrative commercial terms of Iranian crude, the officials added.

Sanctions against Iran were imposed by the US in retaliation to the defiance of the Iran authorities regarding its nuclear programme which the Trump government wanted to stop. Any country that imports oil from Iran will be considered an enemy of America as they are directly helping the oil rich nation to proceed with its nuclear programme that is illegal and poses huge threats in the region, warned the Trump government.

However, the US considering the special situation of India and a few other nations had given exemptions to its sanctions for some time. It was a sigh of relief for India. India could import oil from Iran despite sanctions against the country.The sanctions against Tehran have also hit India’s plans to develop Iran’s Farzad-B gas block and indirectly impeded operations at Chabahar port even though it is exempted from the restrictions, they said.

New Delhi is expected to raise the economic losses due to US sanctions when secretary of state Mike Pompeo visits India on June 24, the officials said. The government is looking to Pompeo’s visit to gain clarity on a range of trade-related issues that have become irritants in India-US ties.