Iran will do its best to ensure security of oil supply to India by offering “flexible measures” to boost bilateral trade, a statement from Tehran’s embassy in New Delhi said.
Iran is the third-biggest oil supplier to India and has offered refiners incentives including almost-free shipping and an enhanced credit period on oil sales. Imports from Iran could take a hit as the United States reintroduces sanctions on Tehran after withdrawing from a nuclear deal with world powers.
India, Iran’s top oil client after China, asked refiners last month to prepare for drastic reductions or even zero Iranian oil imports. “Iran understands the difficulties of India in dealing with (an) unstable energy market and it has done and will do its best to ensure security of oil supply to India,” the statement said.
India’s oil imports from Iran fell about 16 per cent in June compared to May, tanker arrival data showed. Read More
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