India may not stop importing oil from Iran even after the US sanctions come into effect from November this year It says no nation no country can dictate how external policy should run.
A range of bilateral, regional and global issues are to be discussed on Thursday in Indian capital New Delhi by foreign and defence ministers of the two nations under 2+2 dialogue.
The international oil prices are currently high and India would not leave the option of importing from the supplier whose rates are comparatively cheaper.
An Indian official said, “We want to make the point that India is heavily reliant on oil imports for its consumption needs and 83 percent of its oil comes from external sources.”
It is learned India will discuss with the American counterparts about alternative sources of oil based on prices as it is important for several factors including inflationary trends and economic growth.
India will highlight the steps taken in increasing imports from US and it is learned in 2018 the oil import will be worth $2.5 billion from the country.
Iran meanwhile is already undergoing sanctions. Some of those started in August and more to come in November.
Washington is trying to offer a waiver to countries which reduces imports from Iran.
A source said, “India will not cut import of Iranian oil. If there is some import reduction after November 4, that would be purely due to logistics or operation hurdles such as lack of tankers or insurance or reinsurance.”
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