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Iran says will strive to ensure security of oil supply to India

Reuters/New Delhi 13 Jul 18 | 01:25 AM

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Iran will do its best to ensure security of oil supply to India by offering "flexible measures" to boost bilateral trade, a statement from Tehran's embassy in New Delhi said.

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Iran is the third-biggest oil supplier to India and has offered refiners incentives including almost-free shipping and an enhanced credit period on oil sales.

Imports from Iran could take a hit as the United States reintroduces sanctions on Tehran after withdrawing from a nuclear deal with world powers.

India, Iran's top oil client after China, asked refiners last month to prepare for drastic reductions or even zero Iranian oil imports.

ALSO READ: In win for Trump, US oil exports to India soar ahead of Iran sanctions

"Iran understands the difficulties of India in dealing with (an) unstable energy market and it has done and will do its best to ensure security of oil supply to India," the statement said.

India's oil imports from Iran fell about 16 percent in June compared to May, tanker arrival data showed.

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"Iran has always been a reliable energy partner for India and others, seeking a balanced oil market and regional prices of oil which ensure the interest of both countries as consumer and supplier," the statement said.

India was one of the few countries that continued to deal with Iran during previous sanctions although it had to cut imports from Tehran as banking, insurance and shipping channels were choked.

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