The US has said that Iran is helping terrorists in the region with training and attacks in the Middle East, they are building nuclear bombs, along with nuclear power plants which is a major concern. This is the main reason the US wants to isolate Iran from the outside world and stop foriegn money from coming into the economy and funding these projects and illegal activities. The US government had imposed restrictions on various countries that bought oil from Iran for 3 years. Certain countries were given an exemption from buying oil from Iran like India, China and Japan. They were given time to find different sources.

These exemptions will expire in May and will not be renewed. These countries will have to look for new sources to buy oil. If they continue buying oil from Iran, the USA will impose many restrictions in trade with these countries. The Indian government had asked for an extension but they were rejected by the US government. The US said that they have had discussions with Saudi Arabia and the U.A.E. to provide the oil for these countries. Saudi Arabia Energy Minister Khalid al-Falih said his country would coordinate with other oil producers to ensure that the global oil market does not go out of balance. Greece, Italy and Taiwan have already said they will not request for an extension and have already stopped importing oil from Iran

The Indian government has said they will be requesting to be allowed to slowly reduce the imports and not stop all at once. This will have an effect on the prices of petrol in India and other countries that will have to stop importing oil from Iran now. India also has deep cultural and political ties with Iran, which make it difficult to join US efforts to isolate Iran. India buys oil from Venezuela as well. India is extremely unhappy with the US government as they are pressuring India to stop importing oil from them also.

Tags

• Iran
• US
• Stop
• Oil
• India
• World

Advertisement