Iran expects India to defy US sanctions to source its oil; devise new barter trade

Iranian Foreign Minister Zarif Jav has called on New Delhi to flout "maximum pressure" sanctions imposed by Donald Trump ministration, and continue to source its energy from Iran. Jav Zarif, on a three-day visit to India, said on Thursday that country will not find a stable and reliable energy partner apart from Iran. He insisted that Iran could meet oil needs of India. Furr 'assuring' that India can't find a more 'reliable and stable' energy partner than Iran. 

Emphasising that Iran has no political issues with India and that it does not involve politics with business, Jav Zarif said, "For India's economic growth you need more and more energy and energy security, which has been an area of concern. I can assure you that you can't find an energy partner which is more stable more reliable than Iran." "We never involved politics in our energy relations. And if we did, we don't have political problems with India. We are secured source of energy for India," he said at FIEO meeting in Mumbai. "Losing Iran as reliable provider of Indian energy needs certainly does not make India more secure, does not make Indian economy more reliable," Zarif ded.

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US President Donald Trump imposed sanctions to cripple Iranian economy, after unilaterally deciding to pull-out from nuclear pact in signed under Obama-regime by world powers in 2015. Since n, Washington persued New Delhi to halt imports of crude oil from Iran. Foreign Minister of Iran furr noted that US was looking to "increase prices of oil and energy" for its own sake. "se are also attempts me so that y ( US) can increase prices of oil and energy. Now US is biggest exporter of oil and y want to take Iranian share in Asia through sale of ir shale gas, which is much more expensive and much less reliant energy. We need to find a response to this. But I want to tell you that Iran can continue to provide economical and reliable oil to India," Jav Zarif noted. 

minister also said that two countries can collaborate and complement each or in various or areas as well. "I have, at various meetings with Prime minister Narendra Modi, security viser, and Indian foreign minister, said and discussed possibilities of tre. We don't want to put our friends in a difficult situation. But we need to find a mechanism for improving tre," he ded.

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India-Iran energy tre

Jav Zarif said bilateral tre between two countries has seen a sharp decline in 2019 mainly impacted by oil exports. "While it stood at $17 billion in 2018, it fell to $7 billion in 2019 and will go furr low if money dries up," Foreign Minister said. Referring to China, Russia, and Turkey, who still continue with ir energy agreement with Iran, Jav Zarif in September 2019 h said, "This is India's sovereign decision, but ors have chosen differently."

By 2012, India was second-largest importer of oil from Iran, after China. import from Iran to India did not stop despite sanctions between 2006-2016. In 2018, Iran sold 620,000 barrels of oil per day to India, costing up to $48 million per day. In November 2018, Washington imposed sanctions on Iran, however, it gave a six months waiver to India to find alternative sources. As per recent reports, India has alrey boosted its imports of crude oil from US after it stepped up its sanctions against Iran. 

impact of tensions spiraling in Middle Eastern region after Iran's retaliation on US for killing IRGC commander Qasem Soleimani reflected sharply on oil prices by almost 5%.   prospect of wider regional unrest, h an effect on stock markets across Asia as well, as markets have been on edge. 

(with PTI inputs)

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