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U.S. Working With Allies To Ensure Adequate Oil Supply To Offset Iran Sanctions: Mnuchin

U.S. -- U.S. Treasury Secretary Stephen Mnuchin delivers a speech at SelectUSA Investment Summit in Washington, June 12, 2019

U.S. Treasury Secretary Steven Mnuchin on Friday (November 1) said the U.S. is working with its allies to ensure adequate oil supply in the market so as to offset sanctions on Iran.

Mnuchin is in India as part of a tour to build support against Iran over its nuclear programme and its ties to militant networks.

On Wednesday (October 30), the United States and six Gulf countries agreed to jointly impose sanctions on 25 corporations, banks and individuals linked to Iran's support for militant networks including Hezbollah.

Mnuchin said Washington was sensitive to the fact that India has tremendous energy needs.

Mnuchin Is In India As Part Of A Tour To Build Support Against Iran
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India, a long-time buyer of Iranian oil, halted purchases in May in the wake of renewed U.S. sanctions, and its refiners are now buying more crude from some suppliers, including Mexico, and signed new contracts with U.S. firms.

Sanctions were reimposed on Tehran by President Donald Trump after he withdrew the United States from Iran's 2015 nuclear pact with world powers.