Latest market data show India has increased oil imports from Iran, despite illegal US-engineered embargoes against the Islamic Republic's oil and financial sectors.

Figures show India imported about 296,000 barrels per day (bpd) of Iranian oil in September, up from 151,000 bpd in August, Reuters reported on Tuesday.

India is among Asia’s major importers of energy and relies on the Islamic Republic of Iran to meet a portion of its energy demands.

On Sunday, Iran’s Oil Minister Bijan Namdar Zanganeh said that serious plans were on the agenda to boost the country’s oil exports by four times.

Zanganeh stated that more than USD 800 billion in investment in the petroleum industry is possible over eight years.

The minister also noted that Iran’s National Development Fund has so far been tapped for more than USD 14 billion to finance oil, gas and petrochemical projects.

The United States, Israel and some of their allies have repeatedly accused Iran of pursuing non-civilian objectives in its nuclear energy program, with the US and European Union using the claim as an excuse to impose illegal sanctions against Tehran.

Iran rejects the allegation, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

Iran’s crude oil is subject to a European Union embargo that started on July 1, 2012, which also bars EU insurance firms from covering Iran's exports.

HK