Iranian oil imports dip 25 per cent in June

Iran promises to sell as much oil as it can in wake of US sanctions

Last week, while ruling out waivers to India and Turkey - which have told Washington that they would continue to import oil from Iran - the U.S. had indicated willingness to work with countries that are reducing their oil imports from Iran.

"It is unfortunate that Indian investment promises for expansion of Chabahar port and its connectivity projects have not been accomplished so far".

While the U.S. wants all countries, India included, to reduce oil imports from Iran to zero, Washington's ambassador to the UN Nikki Haley had said a fortnight ago that the Americans were open to working with New Delhi on Chabahar in view of its strategic importance, particularly with regard to Afghanistan.

Speaking to Sky News Arabia, he said that a focus remains on denying "Iran the financial capacity to continue this bad behavior".

In May 2016 India, Iran and Afghanistan signed a pact to establish a Transit and transport Corridor, whereby Chabahar would be cultivated as a regional hub for sea transportation and commercial shipments.

He also called India to "work together to immunise the relationship between the two countries" and proposed the adoption of necessary instruments and mechanisms like setting up banking relations, opening new transaction routes and helping each other's markets and business communities.

"We should strive to make this relationship more sustainable and durable".

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A senior Iranian diplomat has warned India that Tehran will end "special privileges" for New Delhi if it attempts to replace Iranian crude with supplies from Saudi Arabia, Russia and the United States, PTI reported.

Iran supplied 18.4 million tonnes of crude oil during April 2017 and January 2018 (first 10 months of 2017-18 fiscal). The Iran sanctions are one of the top reasons for the price rally that has come to bite India's refiners amid surging domestic demand for fuels, so chances are New Delhi will try to secure a waiver.

The first set of sanctions will take effect on August 6 and the rest, notably in the petroleum sector, following a 180-day "wind-down period" ending on November 4.

Shipping to Iran and ports in the country are also coming under the USA sanctions.

The defense chief also said that the US has adopted the "tactic of causing distance between the people and the system" to harm the country after finding that it can not reach its objectives by imposing sanctions. "So the USA must abandon its policy of resorting to threats or use of force", said Mr Rahaghi.

This is especially true because the United States never really had much justification for withdrawing from the nuclear deal in the first place, beyond President Trump personally having problems with it. Pompeo's primary ammunition in the talks will be assurances that other nations, mostly Saudi Arabia, will replace Iran's oil exports on the market.

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