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E-mail ID will not be published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

  • Jaitley must have a workable gameplan

    While governments, irrespective of their political hues, cannot be faulted for mobilising non-tax revenues, overtly relying on these sources of fundin

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

Urs Schöttli

It’s time for Japan to step out of its shell

The execution of a Japanese hostage by ISIS has sho­cked ...

Zehra Naqvi

The urge to tell stories

One wants to tell a story, like Scheherzade, in order ...

Bubbles Sabharwal

Truth about truth

The question to ponder is, “is it the truth because ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture