Bank Of Baku

India says it won’t cut back on Iran oil imports

India says it won’t cut back on Iran oil imports
# 30 January 2012 12:31 (UTC +04:00)
Baku - APA-Economics. India will not cut back on oil imports from Iran, its finance minister said, despite stiff new U.S. and European sanctions designed to pressure Tehran over its nuclear program.

“It is not possible for India to take any decision to reduce the import from Iran drastically because, after all, the countries which can provide the requirement of the emerging economy, Iran is an important country amongst them,” India’s finance minister Pranab Mukherjee told reporters Sunday in Chicago.

Iran exports 2.5 million barrels of oil per day, about 3 percent of world supplies. About 500,000 barrels go to Europe and most of the rest goes to China, India, Japan and South Korea.
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