World News

India, Iran Oil Ministers Meet

Iran's oil minister is visiting India in an effort to revive Iran's crude oil sales to the South Asian nation.

Iranian Oil Minister Rostam Qasemi met Monday with his Indian counterpart Veerappa Moily.

The two discussed several possible solutions to Iran's dwindling oil sales, including Iran's offer of insurance to Indian refiners that say they cannot continue insurance coverage of plants that process Iranian crude because of U. S. and European Union sanctions on Iranian oil.

Analysts say Tehran's offer would not be a viable solution to insurance problem because Iranian insurance companies are also under sanctions.

The Western sanctions, aimed at forcing Iran to curb its nuclear program, have greatly reduced Iran's crude oil exports, costing the country billions of dollars in revenue.

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