US working will allies to ensure adequate oil supply to offset sanctions on Iran, says Steven Mnuchin

The United States is working with its allies to ensure adequate oil supply in the market so as to offset sanctions on Iran, country's Treasury Secretary Steven Mnuchin said on Friday, adding that Washington is sensitive to the fact that India has tremendous energy needs.

Speaking at a joint press conference with Indian Finance Minister Nirmala Sitharaman following the conclusion of the seventh India-US Economic & Financial Partnership Meeting, Mnuchin said that he looks forward to working with India on the Liquefied Natural Gas (LNG) and expanding their capabilities on the same.

"We have been working with our allies to ensure that there is significant supply of oil in the market to offset the sanctions. We are sensitive to the fact that India has tremendous energy needs," Mnuchin said.

India stopped importing Iran crude oil after the reimposition of American economic sanctions on Iran came into effect in May and has since then moved to other supply sources such as Saudi Arabia to make up for the lost volumes.

Mnuchin informed that he held a wide-ranging discussion with Sitharaman on the economic issues, technical assistance and debt sustainability, as well as the need to combating terror financing. "Terror financing is something we both see as a priority."

The Treasury Secretary welcomed the growing bilateral foreign direct investment flows between New Delhi and Washington and said he looks forward to the opening of certain markets in India where US compes continue to invest.

Speaking in turn, Sitharaman said that her discussions with Mnuchin took stock of the efforts undertaken to further improve mutual corporation on a wide range of bilateral and multilateral subjects.

( With inputs from ANI )