India monitoring costs of importing non-Iranian oil
Oil imports from Iran in the past fiscal ended March amounted to about $9 billion, as per industry figures.
Oil imports from Iran in the past fiscal ended March amounted to about $9 billion, as per industry figures.
The spokesperson noted that India was a major importer of crude oil from Iran. This was very important for its own energy security needs.
The US had told India and other countries to cut oil imports from the Gulf nation to 'zero' by November 4 or face sanctions.
The US on Monday imposed "the toughest ever" sanctions on a defiant Iran aimed at altering the Iranian regime's 'behaviour'.
The Trump administration has granted exemptions to eight countries to continue importing Iranian oil, without naming them, which reportedly includes India.
US sanctions against importers of Iranian oil threaten the crude oil market's precarious balance and risk surging prices, all under Saudi Arabia's watchful gaze, according to experts.
'SANCTIONS ARE COMING,' reads the mock movie poster Trump tweeted Friday, echoing the HBO swords-sex-dragons-and-zombie series' signature line: 'winter is coming.'
The US had earlier told India and other countries to cut oil imports from the Gulf nation to 'zero' by November 4 or face sanctions.
The US was aware of New Delhi’s position that Iran was critical for India to meet its energy needs and sustain its economic growth, External Affairs Ministry spokesperson Raveesh Kumar said at a media briefing.
As the second wave of sanctions come back onto Iran on November 4, the objective of the Trump administration is to put maximum pressure on the government in Tehran.
