US President Barack Obama has said that there are enough alternative crude oil alternatives to allow the US allies to shun the import of oil from Iran, a move that could put the Iranian regime under pressure and may force to abandon its suspicious nuclear programme.

Obama pointed out in statement Friday that the global economic conditions, increased production of crude oil and strategic reserves would allow US allies to boycott cude oil imports from Iran without facing disruptions. He also said that his government will monitor obal market to ensure it could accommodate a reduction in purchases of Iranian oil.

Iran is struggling to find buyers for its crude oil in the international markets due to sanctions by the European countries and US. The governments in Europe and the US are urging Asian countries to reduce oil imports from Iran so as to make their sanctions more effective in order to force Tehran to come clean on its nuclear programme. Iran is suspected of covertly developing nuclear weapons, a charge it denies and maintains that it has the right to harness civilian nuclear energy for generating power.

India’s union finance minister Pranab Mukherjee recently said that it won’t be possible for the country to reduce oil imports from the country, which accounts for 12 per cent of its supply.

Iran has the world's third-largest oil reserves. The sanctions are aimed at pressuring Iran to abandon its disputed uranium enrichment programme.