US, Saudi Arabia Discuss Keeping Oil Market Supplied After Iran Sanctions

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

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 United States and others to offset cuts in Iranian oil import. The country supplied 18.4 million tonnes of crude oil between April 2017 and January 2018, but latest figures showed India's oil imports had declined by 15.9% in June, the first month after the U.S. said it would reimpose sanctions, Reuters reported citing data from shipping and industry sources.

Iran on Wednesday said it will continue to be a reliable energy partner for India and adopt a flexible approach to ensuring secure oil supplies.

Jahangiri said it would be a mistake to think the USA "economic war" against Iran will have no impact, but added: "We will make Americans understand this year that they can not stop Iranian oil sales".

The secretary of State's comments came as the US steps up pressure on Iran after President TrumpDonald John TrumpMcConnell to meet with Trump's Supreme Court pick Tuesday Kavanaugh offers lengthy judicial record ahead of bitter confirmation fight Hundreds protest Kavanaugh's nomination outside Supreme Court MORE's announcement in May that he would withdraw from the 2015 nuclear deal with Tehran, which sought to curb Iran's nuclear ambitions in exchange for sanctions relief. "The zero tolerance policy and the pace with which it is moving no doubt concerns Iran's current crude buyers".

Global oil prices have risen on the expectation that the United States will push its allies to stop importing Iranian crude oil, further tightening the world energy supplies.

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Lower purchases by private refiners dragged down India's June imports from Iran although state refiners stepped up purchases. The two firms significantly cut their imports from Iran in June. The sources declined to be identified since they are not authorized to speak to the media.

State refiners, accounting for about 60% of India's almost 5 million bpd of refining capacity, lifted about 10% more Iranian volumes in June compared to May, at about 454,000 bpd, the data showed.

On a yearly basis, India's imports from Iran were 19.5 percent higher, the data showed.

Pompeo made a point to mention recent threats by Iranian President Hassan Rouhani over the Strait of Hormuz, through which a third of all oil traded by sea passes.

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.

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