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U.S. Working Towards Steady Supply of Crude To India

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Washington has clarified its decision for not extending waivers to export crude from Iran was not meant to hurt India and the U.S. is working towards stabilizing global energy markets and in maintaining a regular supply of oil to its friends and partners.

 

U.S. Working Towards Steady Supply of Crude To India

The U.S. decision to cut down waivers on a list of eight countries which also includes India has led to the rallying of crude prices in the global markets. In a talk scheduled between the Indian officials and the visiting U.S. Principal Deputy Assistant Secretary of State for South and Central Asia Alice Wells, the following topics were discussed - alternative energy supplies, issue of ending sanction waivers.

People familiar with the matter noted that the Trump's administration is not aimed at hurting its friends and partners and the U.S. is in close touch with energy producers including Saudi Arabia and UAE to ensure stable crude supply.

The US believes that being an oil major, Iran secures revenues from crude and the same is used for its military capabilities to fund the proxy groups. The US aims to end the waivers with an intention to control Iran's proxy wars and its ability to support proxy groups in the region.

India has already chalked out a plan to meet the requirements of crude supply in the country as additional supplies will be secured from major oil producing nations and the supply for petrol, diesel and other petroleum products will be met without facing any hindrances.

A spokesperson from the external affairs ministry stated that "The government has noted the announcement by the US government to discontinue the Significant Reduction Exemption to all purchasers of crude oil from Iran. We are adequately prepared to deal with the impact of this decision. The government will continue to work with partner nations, including with the US, to find all possible ways to protect India's energy and economic security interests."

Story first published: Wednesday, April 24, 2019, 13:30 [IST]
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