India slashes oil import from Iran by over 26.5%
Responding to the US and European trade sanctions against Iran, India has brought down the import of crude oil from Iran by over 26.5 % in the financial year ended 31 March 2013.
India’s crude oil import from Iran was recorded at around 13.3 million tonnes in 2012-13 fiscal, which was steeply down from 18.1 million tonnes in the 2011-12 financial year.
As the US and EU have shut down the use of their financial systems for Iranian crude trade, and Washington recently imposed more treasury sanctions on trade with Iran, carrying out imports from the country has become even more difficult.
- In 2012-13, Iran has lost three positions to become India’s sixth-largest crude oil supplier making for 7.2% of India’s crude oil imports, down from 10.5 % in 2011-12.
- The supplies from Iran were behind Saudi Arabia, Iraq, Venezuela, Kuwait and the UAE.
- India imports 79% of its oil needs, bought a total of 182.5 million tonnes crude in 2012-13.