India to cut Iran oil imports, may not seek waiver-sources
Thursday, 12 January 2012
NEW DELHI, Jan 11 (Reuters): India's government has told refiners to reduce Iranian oil imports and find alternatives as New Delhi may not seek a waiver that would protect buyers of Tehran's oil from a fresh round of US sanctions, two industry sources said Wednesday.
India, Iran's second largest oil buyer after China, is already struggling to pay for the crude due to existing sanctions, and fresh US measures aimed at isolating Iran over its nuclear programme will make payment even harder.
The South Asian country buys from Iran about 12 per cent of its oil needs, or 350,000-400,000 barrels per day (bpd) and worth $12 billion annually.
Indian oil firms were told by officials at a meeting Monday that the government was not planning to seek an exemption from the US sanctions, and were advised to reduce dependence on Iran and be ready with alternative supply sources.
India, Iran's second largest oil buyer after China, is already struggling to pay for the crude due to existing sanctions, and fresh US measures aimed at isolating Iran over its nuclear programme will make payment even harder.
The South Asian country buys from Iran about 12 per cent of its oil needs, or 350,000-400,000 barrels per day (bpd) and worth $12 billion annually.
Indian oil firms were told by officials at a meeting Monday that the government was not planning to seek an exemption from the US sanctions, and were advised to reduce dependence on Iran and be ready with alternative supply sources.