Under the U.S. sanctions, Iran hopes that India will continue its oil import from Iran next year. (Image via: AzerNews)

Iran Stares at India to Buy Their Oil

Alfonsus Adi Putra
Market & Investment
Comodities
Jul 03, 2019
3892
TEHRAN - Anything goes for Iran when it comes to counteracting the U.S. sanctions. Stated on Wednesday (3/7), Iran hoped India would buy Iranian oil, adding that Tehran can be the “protective power” for India’s energy security.

Tehran’s statement was not without foundation. Due to U.S. sanction on Iran, Iran also put oil sanction toward the U.S. In other words, the U.S. is currently struggling to manage oil import to India, despite U.S. Secretary of State, Mike Pompeo, statement that they are trying their best to manage oil export to India, Wednesday (26/6) night.

Mike Pompeo even hailed India’s decision to cut oil import from Iran as “hard choice”, considering the fact that India was among the top buyers to import oil from Iran. India imported 23.5 million tons in 2018-2019. However, the drawback for the South Asia nation is that they had to substitute with Venezuelan oil, which takes cost a lot more than from Iran.

“We know that it is a hard choice for India to convert to Venezuelan oil, and it is not without cost,” said Mike Pompeo in an official statement.

Taking advantage of the situation, Iran persuades India that oil is not a difficult matter for them to cater, adding that Tehran hopes India will act on its own national interest, instead of taking heed of other countries.

Moreover, after hearing the official statement as a reaction to Pompeo’s statement from India’s External Affairs Minister, Subrahmanyam Jaishankar, last week, Iran was more than confident to promote themselves to India. By hailing Iran-India harmonious bilateral relations, Tehran hopes that India will come back to Iran in the future.

There are 3 points that kept on buzzing among the talk: affordability, accessibility, and security.

Iran’s envoy to India, Ali Chegeni, asserted these 3 points as such. For the oil import from Iran to any country, Tehran would ease the affordability for those countries by allowing them to pick either of these 3 payment methods: barter, rupee, or European tech.

“India has nothing to worry about, should they stand with Tehran. Regarding affordability, accessibility, and security of energy for India, Iran is all in to offer those,” stated Chegeni. He added that as a ‘friend’, Iran is ready to stand with India to be its protector power for its energy security.

Source: https://www.oneindia.com/international/wont-you-buy-oil-from-us-iran-asks-india-amidst-us-sanctions-2913055.html

Market , Economic , Commodity , Oil , Iran , India , U.S. , Sanction