Iran threatens 'consequences' if United States takes 'crazy measure' of blocking oil sales

Iran threatens 'consequences' if United States takes 'crazy measure' of blocking oil sales

US sanctions against oil exporter Iran were introduced in November 2018, but Washington allowed its largest buyers limited imports of crude for another half-year as an adjustment period.

"America's efforts in sanctioning the sale of Iranian oil won't get anywhere", Khamenei was quoted as saying. Meanwhile, other countries like Italy, Greece and Taiwan have already reduced oil imports from Iran.

In May a year ago, US President Donald Trump withdrew Washington from the 2015 Iran nuclear deal with world powers, which had given the Islamic republic sanctions relief in exchange for curbs on its nuclear programme.

"You whose existence is in the shadow of the Islamic Republic of Iran, how can you tell Trump that if you bring Iran's oil exports to zero we will make up for it?"

A waiver for India from sanctions on investments in Chabahar has been part of the arrangement between India and the U.S. since 2012.

NDTV reported External Affairs Ministry spokesperson Raveesh Kumar as saying that the Indian government will work with partner nations, including with the U.S. to find all possible solutions to protect India's energy and economic security interests.

The commander of the Revolutionary Guards' navy said on Monday that Iran would close the Strait of Hormuz, a major oil conduit in the Gulf, if Tehran was barred from using it.

Rising oil and gasolene prices can squeeze consumers, whose spending accounts for about 70 per cent of USA economic output.

"The US fully understands the strategic importance of the Chabahar Port for reaching out to the people of Afghanistan...we are confident that India will not face any sanctions for developing the port, " sources added.

Reportedly, Iranian oil is lucrative for nations as the nation provides 60 days of credit for purchases- an option which is not available at other supplier countries.

Saudi Arabia plans to stay within the limits of its ceiling under the OPEC+ production cut deal in May and will certainly not rush to ramp up production, although it would respond to customer needs if they want more oil, Saudi Energy Minister Khalid al-Falih said on Wednesday.

US, being an important political and strategic partner of Indian in the global context, the Iranian diktat came as a surprise for India, according to senior officials. Energy markets have tightened after the United States decision on Iran, along with the unrest in Venezuela.

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