Sanctions have turned into opportunity: Iran's defense chief

Iranian First Vice President Es'haq Jahangiri

"We ask our allies and partners to join our economic pressure campaign against Iran's regime", Pompeo said in a tweet ahead of his talks.

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 USA and others to offset cuts in Iranian oil import.

Back in May, the United States pulled out of a multilateral nuclear agreement with Iran, and said it would be reinstating its sanctions against Tehran.

The embassy said Iran will do its best to ensure security of oil supply to India by offering various flexible measures which facilitate bilateral trade, particularly Indian exports to Iran.

USA officials said in June they would push countries to reduce their Iranian oil imports to zero.

All told, producers and traders in the United States will send more than 15 million barrels of U.S. crude to India this year through July, compared with 8 million barrels in all of 2017.

India prefers to buy Iranian oil because of the proximity of that country's ports to refineries along India's western coast and also the 60 days of credit that Tehran allows for purchases.

Iran's deputy ambassador warned that Iran will withdraw the "special privileges" it gives India if the country lowers its import of Iranian oil.

The defense chief also said that the USA has adopted the "tactic of causing distance between the people and the system" to harm the country after finding that it can not reach its objectives by imposing sanctions. "We are looking for a mini-term deal to buy three to four cargoes of United States oil over a period of three to six months instead of buying single cargoes".

"In our meeting with the Saudi energy minister, we discussed maintaining a well-supplied oil market to guard against volatility".

The US has told India and other countries to cut oil imports from the Gulf nation to "zero" by November 4 or face sanctions.

Reuters' vessel tracking data show three of the eight tankers charted by Swiss and Chinese traders and sent to India in recent weeks were destined for a port near Reliance Industries Ltd's Jamnagar refinery, the world's largest.

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 US and its Gulf Arab allies would pay a "real high cost" for Tehran's "malign behavior" in the Middle East and elsewhere.

June's 228,000 bpd of US exports to India are more than double the previous export record of 98,000 bpd last September, according to US Energy Information Administration data.

But the National Iranian Oil Company (NIOC) reported this week that Iranian oil exports may decrease to 500,000 bpd when the sanctions kick in.

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