India to cut oil import from Iran
India is targeting 220,000 barrels per day of oil imports from Iran in the current fiscal year, around 15 percent lower from a year ago, Oil Secretary Vivek Rae said on October 1.
India has been cutting its oil imports from Iran and last year won a waiver from U.S. sanctions that aim to force Tehran to negotiate an end to its nuclear programmethe Economic Times reported.
In 2012-13, India imported around 260,000 bpd of oil from Tehran, about 29 percent lower from a year earlier and well below the 15 percent cut to qualify for a sanctions waiver.
India's current waiver from the sanctions runs out in December.
India imports about 4 million barrels per day (bpd) of oil or around 80 percent of what it uses.
Iran ranked ninth among India's crude suppliers in August, down from sixth a year ago.