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Iran is among the top three suppliers of energy to India that is the world’s fastest growing oil consumer that imports more than 80% of its needs. The US has said it wants India and other buyers of Iranian crude to reduce imports to “zero”.
Political will be crucial in Iran’s efforts to work with India and other world powers such as China to find solutions before American sanctions on oil imports from Tehran kick in on November 4, senior Iranian diplomats said on Monday.
“When there is political will, there is a way. We are working together to find a solution,” the newspaper quoted an Iranian diplomat without giving the time and place of the remark.
A rupee-rial arrangement was devised when previous US President Barack Obama's imposed sanctions during 2010-15.
'India’s monthly oil imports from Iran surged by 30% to a record 768,000 barrels per day (bpd) in July. The figure was about 85% higher than that of a year ago. State-run refiners ordered significantly higher volumes for the fiscal year that began in April because of discounts offered by Iran,' wrote the Indian newspaper.
Hindustan Times quoted the Iranian diplomats as saying that Iran has been a reliable energy supplier and offered various “flexibilities” that benefited India, such as long-term credit and free shipping; 'They also noted that it would not be possible for buyers to find suppliers that can provide large volumes within a period of about three months.'
Despite growing pressure from US President Donald Trump, Tehran is taking heart from the fact that the sanctions this time around are unilateral and not accompanied by similar measures from the United Nations and European Union.
“Although there is pressure on big companies like Airbus and Total that also have interests in the US or those that have US shareholders, many of the medium and small firms doing business with Iran are not affected by such problems,” a diplomat said.
“India, as an emerging power, can play a very important role at a time when the international world is entirely changed. The world order is unraveling because of the actions of the US. Even groupings such as the EU expect India to play a bigger role,” a diplomat said.
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