India, the second-biggest buyer of Iranian oil after China, may cut oil imports from that country by 15 per cent in 2014/15, if western sanctions on the Iranian regime are not eased, a senior Indian oil ministry official said on Tuesday.
R.K. Singh told reporters that his country may import 180,000-185,000 barrels per day (bpd) of Iranian oil in 2014/15 fiscal year beginning in April, and would be able to import close to the targeted 220,000 bpd in the current fiscal year, Economic Times of India reported.
Tough US and EU sanctions have slashed exports from the OPEC member by more than half to about 1 million barrels per day (bpd), costing it as much as $80 billion in lost revenue since early 2012, according to White House estimates.
Even though a breakthrough accord was reached in November between world powers and Tehran over its disputed nuclear programme, tough work lies ahead in moving on from the initial deal, the report said.
