India Seeking Resumption of Oil Imports from Iran

India wants to diversify its oil imports, including the resumption of supplies from Iran and Venezuela, after US President-elect Joe Biden takes office, Oil Minister Dharmendra Pradhan said on Wednesday, 2 December 2020.

India was the key buyer of Iranian and Venezuelan oil before slashing purchases after President Donald Trump imposed unilateral sanctions on the two OPEC-members since taking office in 2017.

“As a buyer, I would like to have more buying places. I should have more destinations to go for purchasing (oil),” Pradhan said in response to a question if he wants the Biden administration to relax sanctions on Iran and Venezuela, Reuters reported.

India, which used to be Iran’s biggest client after China, stopped buying oil from Tehran in May 2019 and has drastically reduced its intake of Venezuelan oil in recent months after Trump imposed unilateral sanctions on Iran.

“Iran is our reliable partner and we want to maintain our relations and resume oil purchases from Tehran and this is our position," he added.

A few months ago, the Indian ambassador to Tehran said that a major part of Iran-India trade relations depends on the energy sector. Many consultations have been held on the purchase of Iranian oil by the top officials of the two countries.