The Ministry of Petroleum and Natural Gas has assured adequate supplies of crude oil for Indian refineries. This statement comes in light of United States of America (USA) moving to end the waiver (from US-led sanctions imposed on Iran) given to India and seven other countries for crude imported from Iran.
“The Government of India has put in place a robust plan to ensure that there is adequate supply of crude oil to Indian oil refineries from May 2019 onwards. There will be additional supplies from other major oil producing countries from different parts of the world,” a statement from the Ministry of Petroleum and Natural Gas said.
“The Indian refineries are fully prepared without any problem to meet the national demand for petrol, diesel and other petroleum products in the country,” the oil ministry added. In a move that is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue, US President Donald J Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May. Trump tweeted on Monday that “Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian Oil.”
A White House statement said, “The United States, Saudi Arabia, and the United Arab Emirates, three of the world’s great energy producers, along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied. We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market.
“The Trump Administration and our allies are determined to sustain and expand the maximum economic pressure campaign against Iran to end the regime’s destabilizing activity threatening the United States, our partners and allies, and security in the Middle East.
“The President’s decision to eliminate all SREs follows the designation of the Islamic Revolutionary Guard Corps as a Foreign Terrorist Organization, demonstrating the United States commitment to disrupting Iran’s terror network and changing the regime’s malign behavior. We welcome the support of our friends and allies for this effort."
Responding to the US move, the Official Spokesperson of the Ministry of External Affairs said, "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. 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."
