US oil importers may not be able to buy oil because of the crisis of oil supply.
The US has warned countries around the world, including India and China, that they will stop buying oil from Iran by November 4. Otherwise, face fresh US economic sanctions. The purpose of this decision by the Trump Administration is to completely isolate Iran on the economic front. India’s interest in the supply of fuel needs can also be affected by this unilateral decision of US.
A senior US State Department official said on Tuesday that Iran is important in its highest ranking national security priorities. Therefore, pressure is being made on him. When a reporter asked if the US will ban oil imports from Iran by its allies like India and China, by November, the US Ministry of Defense replied:
Yes. We will isolate every source of Iran’s funding so that the bad image of Iran is exposed throughout the region.
The American official said that a US delegation will be leaving for the Middle East next week. This delegation will impose a fresh ban on Iran from November 4th. At the same time, it would like to ensure that the oil producers of the Gulf countries ensure global oil supply.
The delegation is yet to have talks with China and India, the largest countries importing oil from Iran. America wants India and Indian companies to stop purchasing oil from Iran completely.
It is notable that in May of this year, American President Donald Trump had said that his administration was separated from the agreement between Iran and the six world powers. Under the agreement, the US had laid down the condition of reducing its nuclear capabilities instead of removing certain sanctions from Iran. Now the ban on Iran will be effective from November 4 after breaking the agreement. That’s why the US will impose a stringent economic sanctions on countries that buy oil after that.
On Tuesday, US oil futures trade has increased by more than $ 2. So, for the first time since May 25, there has been an increase of $ 70 per barrel. US oil importers may not be able to buy oil because of the crisis of oil supply.
Meanwhile, Iranian President Hassan Rouhani has told his countrymen that the government is capable of bearing pressure on the new economic sanctions of the US.
By :– Abhishek Bajpai