UAE assures India to cover shortfall in oil supplies after US sanctions on Iran: Envoy

The UAE has assured India that it will cover any shortfall in oil supplies following the US sanctions on Iran, United Arab Emirates Ambassador to India Ahmed Al Banna said Monday.

India has expressed concern over developments in the Strait of Hormuz impacting oil prices and sought OPEC kingpin Saudi Arabia's active role in keeping rates at reasonable levels.

This comes after tensions ran high in the region after US President Donald Trump approved and then later called off military strikes against Tehran following shooting down of an American Navy drone over the strait by Iranian forces.

"UAE has promised and assured India that they will cover any shortage of oil that it might face because of the situation (US sanctions on Iran). It has been done in the past and we commit to the Government of India the same thing now," he said.

India stopped importing oil from Iran after American waivers granted to eight buyers expired in May this year.

Besides, Al Banna said India and the UAE are to ..