BREAKING NEWS

India targets 11 pct Iran oil import cut in 2012/13-ministe

By REUTERS

MAY 15, 2012 10:53

NEW DELHI - India aims to cut imports of Iranian crude by 11 percent to 15.5 million tons in 2012/13, Junior Oil Minister Dharmendra Pradhan told parliament on Tuesday, equivalent to about 310,000 barrels per day (bpd).

Pradhan said India imported 17.44 million tonnes of oil in 2011/12, down 5.7 percent from the year earlier.

The United States wants allies to reduce oil imports from Iran substantially as it tries to pressure Tehran over its nuclear program which the West thinks aims to build atomic weapons. Tehran denies this.

Data made available to Reuters last week showed India's total oil imports from Iran in April fell about a third to around 269,000 bpd from March.

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