MUMBAI (Commodity Online): India seems to be buckling under intense US pressure and decided that it might be better to reduce crude oil imports from Iran rather than risk any financial sanctions from the US.
In a written reply to the Rajya Sabha, India's minster of state for Petroleum and Natural Gas RPN Singh stated that India will cutback on its oil imports from Iran to 15.50 million tonnes during this fiscal year. This is a 11.12% decline from 17.44 million tonnes imported during 2011/12
Earlier, Reuters had quoted Carlos Pascual the US envoy as saying that he was not impressed with India's efforts to reduce oil purchases from India. Pascual has been negotiating with Iranian oil importers to cutback their imports
Many countries have opted to follow US demand s than irk their sanctions. Japan, one of Iran's major oil market, has been drastically reducing its Iran oil imports. And with India also joining ranks, Iran will need to find out new markets for its oil and will especially be looking for the Chinese to resume their buying.
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