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Zarif Says India Will Continue to Buy Iranian Oil

Zarif Says India Will Continue to Buy Iranian OilZarif Says India Will Continue to Buy Iranian Oil

India is committed to buying Iranian oil and continuing the bilateral economic cooperation, the foreign minister said Thursday after a meeting with his Indian counterpart and ahead of US sanctions aimed at halting Tehran’s oil exports.

US President Donald Trump’s withdrew in May from an international nuclear pact with Iran and has said plans to impose tougher  new sanctions against the third-largest producer among the Organization of the Petroleum Exporting Countries.

Washington is also pushing it allies to cut Iranian oil imports to zero once the sanctions come into effect on Nov. 4, Reuters reported.

Mohammad Javad Zarif met his Indian counterpart, Sushma Swaraj, in New York on the sidelines of the United Nation General Assembly.

“Our Indian friends have always been categorical in terms of their intention to continue economic cooperation and the import of oil from Iran. And I heard the same statement from my Indian counterpart,” Zarif said when asked if India has given an assurance about continuing with oil imports.

India, Iran’s second-biggest oil client behind China, has already reduced its intake of Iranian oil but has not yet decided whether to end purchases completely.

“We have comprehensive cooperation with India that includes energy cooperation because Iran has always been a reliable source of energy for India,” Zarif added.

Iran is India’s third-biggest oil supplier and the South Asian nation had drawn plans to increase purchases this financial year after Tehran offered almost free shipping and extended credit period.

In the previous round of sanctions, India was one of the few countries that continued to trade with Iran.

 

 

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