Iranian oil imports could be cut by 15% in 2014-15: Oil Min

India may cut Iranian oil imports by 15% in 2014-15 from the current fiscal year's target, if western sanctions on Iran are not eased and the situation remains the same, a senior oil ministry official said on Tuesday.

India, Iran's second-biggest customer after China, 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, R K Singh told reporters.

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Bureaucrats have enjoyed flying miles at taxpayer expense for too long

    The beleaguered Indian taxpayer will certainly applaud prime minister Narendra Modi’s attempt to deliver on his promise of cutting down fiscal defic

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: CHAIN REACTION

A domino effect is the cumulative effect produced when one ...

Zehra Naqvi

Rememberance and forgetting are crucial

Memories are so vital to our lives that they can ...

Dharmendra Khandal

Sandalwood may get extinct if not protected

When we talk of sandalwood, the most common usage that ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture