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US allowing India to keep buying Iranian oil upholds consuming nations’ interest: Dharmendra Pradhan
US allowing India to keep buying Iranian oil upholds consuming nations’ interest: Dharmendra Pradhan

US allowing India to keep buying Iranian oil upholds consuming nations’ interest: Dharmendra Pradhan 

The US decision to let India keep buying oil from Iran after reimposition of sanctions on the Persian Gulf nation is a reassertion that interests of consuming nations can not be ignored, Oil Minister Dharmendra Pradhan said Saturday. 

The US administration has allowed India and other seven countries to keep importing oil from Iran, despite its reimposition of crippling sanctions on the Persian Gulf nation from November 5. 

"Hon'ble Prime Minister's forceful campaign has been that you can't ignore interests of consuming countries. Understanding geo-political situation, India has been able to get its way. The US has given waiver to some countries including India," Pradhan told reporters on the sidelines of an agreement signing event between CSC e-Governance Services and oil marketing companies - BPCL, India Oil and HPCLNSE 4.66 %. 

US Secretary of State Mike Pompeo said Friday that the US would temporarily allow eight countries to continue buying Iranian oil even after enforcing its sanctions on Tehran. 

"I give credit of this to emerging acceptance of world leadership of Prime Minister Narendra Modi. From this campaign not only India but other consuming nations will be benefitted. The nitty-gritty of this will come gradually," he said. 

While the US had previously wanted countries including India to completely halt oil purchases from Iran by November 4 when its full sanctions against Tehran come into force, it seems to have relented considering the havoc the move to completely take out Iranian supplies from the market would have had on prices. 

The Economic Times 03-11-18