BREAKING NEWS

India says it will not participate in Iran oil embargo

By REUTERS

JANUARY 30, 2012 13:00

India, the world's fourth-largest oil consumer, said it would not take steps to cut petroleum imports from Iran despite US and European sanctions against Tehran Sunday night.

"It is not possible for India to take any decision to reduce the imports from Iran drastically, because among the countries which can provide the requirement of the emerging economies, Iran is an important country amongst them," Finance Minister Pranab Mukherjee told reporters on a visit to the Unites States.

The United States wants buyers in Asia, Iran's biggest oil market, to cut imports to put further pressure on Tehran.

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