India engages with US to ensure energy security amid Iran sanctions

India Will Import Iranian Oil; In Talks With EU Over Payment Option

The US' sanctions on the import of Iranian petroleum products will be effective from November 4.

Also, with the new United States fresh sanctions, there have been concerns in New Delhi as India is heavily reliant on Iran for crude oil imports.

India will Import Iranian Oil but how that is what Delhi is exploring.

However, India has been appraising the USA about its energy requirement to fuel its economy as well as the importance of Iranian oil.

According to Financial Times, Iran's exports have already fallen significantly, down at least 500,000 barrels a day since May to below 2m b/d, even before U.S. sanctions officially kick in from November.

The Iranian government's response includes a plan that hadn out electronic vouchers to about ten million underprivileged Iranians to be used for "fair distribution" of rationed essential goods at subsidised prices.

Earlier this year, US President Donald Trump announced new sanctions against the country after the withdrawal of an global nuclear deal with Iran.

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India, Iran and Afghanistan held a ceremony in May 2016 to herald the start of work on the port based on an Indian pledge of $500 million investment in it, with Iran to provide the remaining $500 million.

The CRS report said that during a visit to India in June 2018, US Ambassador to the UN Nikki Haley said the Trump administration might consider providing exemptions to US sanctions to enable the Chabahar work to continue because the project is vital to Afghanistan's development and reducing its dependence on Pakistan.

The EU has been discussing with India that it was in the process of coming out with a payment solution as using U.S. dollars for oil purchase will be restrained post-November 4 when the United States sanctions come into force.

Background: The United States has pressured countries to end all imports of Iranian oil and increased sanctions against the Islamic republic after U.S. President Donald Trump chose to pull his country out of the Iran nuclear deal.

However, despite its actions, Washington will not succeed in stopping Iranian oil exports, experts say, nevertheless, the decline will be felt as the Iran's economic crisis worsens.

Chennai Petroleum's reduced demand will further cut India's imports from Iran to about 10 million tonnes in October, lower than previous estimates reported by Reuters. Payment for oil bought in September would be due in November as Iran provides a 60 days credit period.

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