U.S., allies working to offset loss of Iranian oil: Mnuchin

The United States is working with allies to ensure adequate global oil supplies after its sanctions barred nations from buying Iranian crude, U.S. Treasury Secretary Steven Mnuchin said on Friday. Mnuchin spoke to reporters during a trip to India – which was one of the main importers of Iranian oil until New Delhi stopped the shipments this May in the aftermath of the U.S. sanctions. “We are working with our allies to make sure that there is significant supply in the market of oil to offset sanctions,” said Mnuchin, who is on a regional tour to try to build up support against Iran.