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05/15/12

India to Cut Iranian Oil Imports by 11%

Source: VOA

India says it has decided to cut imports of Iranian crude oil by 11 percent.

India's minister of state for petroleum, R.P.N. Singh, said Tuesday Indian refiners now plan to import 15.5 million metric tons of crude oil from Iran this fiscal year. He said India was "consciously trying to diversify its sources of crude oil imports to strengthen the country's energy security."

Tuesday's announcement comes as the U.S. has increased pressure on India to help isolate Iran for its refusal to halt its controversial nuclear program.

While visiting India last week, U.S. Secretary of State Hillary Clinton urged India to reduce Iranian oil imports as Washington lawmakers prepare to slap sanctions next month on nations that buy oil from Iran.

India imports about 80 percent of its crude oil.

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