Saudi Arabia to offset loss of Iranian oil, US says

US Secretary of State Mike Pompeo right meets with Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan left at the Al Shati Palace in Abu Dhabi‎ United Arab Emirates

US Secretary of State Mike Pompeo right meets with Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan left at the Al Shati Palace in Abu Dhabi‎ United Arab Emirates

They say they will do more to encourage their businesses to remain engaged with Iran, though a number of firms have already said they plan to pull out.

In an address at a seminar on Tuesday, Rahaghi said Iran will end the privileges being provided to India if it tries to source oil from countries like Saudi Arabia, Russia, Iraq, the U.S. and others to offset cuts in Iranian oil import.

US President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the US administration efforts to use energy to further its political goals.

Isolating Iran could sideline millions of barrels of oil per day from a market with little spare capacity left.

Referring to the United States sanctions on oil import from Iran, Rahaghi made it a point to mention that his country has been a reliable energy partner for India and has always followed a "rationale pricing" of oil which ensures the interest of both, consumers and suppliers. This is 30 days more than other oil-producing countries.

That push has driven up oil prices amid concerns that a divestment from Iranian oil would reduce the world's overall supply.

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Washington has threatened the countries potentially maintaining business with Iran despite the US's bans with "secondary sanctions". "It is expected that India takes immediate necessary measures in this regard if its cooperation and engagement in Chabahar port is of strategic nature", Iran's Deputy Ambassador and Charge d'Affaires Massoud Rezvanian Rahaghi is quoted by a news source. And we'll make a deal.

President Donald Trump said in May he would pull the United States out of an global nuclear deal with Iran and reimpose USA sanctions.

India, Iran's top oil client after China, has asked refiners to look for alternative oil as the nation may have to drastically cut imports from Tehran to comply with the renewed USA sanctions.

Trump swipes at NATO spending ahead of summit Pompeo offers support for Taliban peace talks during surprise Afghan visit Trump: China may be exerting "negative pressure" on North Korea MORE ramped up his warnings to Iran on Tuesday, saying that the USA and its Gulf Arab allies would pay a "real high cost" for Tehran's "malign behavior" in the Middle East and elsewhere. Three others are headed for undisclosed ports on India's west coast from the US Gulf Coast.

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.

HPCL-Mittal Energy Ltd continued to skip Iran oil imports for a second month in June, the data showed.

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