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India Redues Oil Import From Iran By 38%

Oil imports from Iran were reduced to 38 per cent in May. India had decided to switch suppliers to lessen the impact of new U.S. sanctions on Tehran. India is hoping to win a favor by the United States the same as what they did with Japan and other European countries after they have done some reduction in their imports to Iran.

India and Washington is now in a discussion for an exemption from the sanctions with more focus on banking. For the record, China and India are among the biggest crude clients of Iran and their reduction of import is very crucial to the attempts of US to put on the pressure on Tehran.

Though they have not yet created any formal documents that state their participation on this effort, but still both countries had already cut their import volumes. Due to this cut in volumes, Iran had fallen to fifth position in the list of India’s crude suppliers in April-May.

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