Iran UAE can fill in if there is an oil shortage says UAE envoy to India

The United Arab Emirates' envoy to India, Ahmed Albanna, has said that in the event of oil supply getting disrupted from Iran, India's second-largest supplier, Saudi Arabia, as well as his country can fill in and help with the supply.

United States-imposed sanctions are set to take effect in November this year. 

"In the international market, the law of demand and supply controls the prices. Production is the important element there... to ensure that the production is enough for the world consumption of oil," he said while speaking to IANS. 

"There was some disruption during the embargo against Iran years ago," Albanna said. Saudi Arabia was able to rectify the matter and supply India in the face of that took place because of the embargo".

"The same thing will happen this time I guess in November when the embargo takes place. 

Narendra Modi visited UAE for a two-day trip in November, a move that helped form the Comprehensive and Strategic Partnership. Incidentally, it was the first trip by an Indian PM to the country in 34 years. Modi had described the Gulf country as a 'valuable partner' back then.

Highlighting the importance of trade ties with the United Arab Emirates, as well as the significance of the India-UAE relationship, Albanna said:

"Whether we talk about traditional sectors like oil and gas and the normal trade and also the new sectors such as cooperation in an airspace, cooperation in IT, IT manufacturing, cooperation in security and security exchange, security information exchange, and also in solar energy". 

"If we look at the Indian side, the UAE is the third-largest trading partner after China and the US." 

"If we look at the bilateral trade between the UAE and India, India is trading partner number one (for the UAE) with a total value of $57 billion," Albanna added.