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India says it will cut Iran oil purchases by 11%
Indian refiners expect to import 15.5 million metric tons of crude from Iran in the fiscal year that began April 1.
Indian refiners expect to import 15.5 million metric tons of crude from Iran in the fiscal year that began April 1. PHOTO: FILE
NEW DELHI: India said Tuesday it would cut purchases of Iranian oil by 11 percent following pressure from the United States to join a drive to isolate the Islamic republic over its disputed nuclear programme.
Indian refiners expect to import 15.5 million metric tons of crude from Iran in the fiscal year that began April 1, the country’s junior oil minister told parliament in a written reply, down from 17.44 million tons last ear.
The move comes after US Secretary of State Hillary Clinton last week urged India to reduce its imports of Iranian oil as Washington readies a law to go into effect next month to slap sanctions on nations that buy oil from Tehran.
“To reduce its dependence on any particular region of the world, India has been consciously trying to diversify its sources of crude oil imports to strengthen the country’s energy security,” junior oil minister RPN Singh said.
The size of imports from various sources depends on technical, commercial and other considerations, Singh added.
The US embassy in New Delhi said it could not immediately comment on whether the reduction in Iranian imports would be enough avert US sanctions.
The sanctions, from which the European Union and Japan have already been exempted, will affect banks from countries that keep buying Iranian oil.
But during her visit to India, Clinton praised New Delhi for its efforts towards cutting imports, while India’s foreign minister SM Krishna said “this issue is not a source of discord between our two countries.”
Energy-scarce India, which imports four-fifths of its crude, says it shares the US goal of preventing Iran from building a nuclear weapon.
But New Delhi also says the Islamic republic remains an “important source of oil” and it it cannot take any drastic action to slash imports as Iran is key in meeting India’s growing energy needs.
India and Iran have a long shared history and culture and New Delhi sees the Islamic Republic as a vital counterweight to rival Pakistan in the troubled geographic region.
As part of its drive to reduce its reliance on Iranian oil, India, which depended on Iran for 12% of its imports last year, has already asked its top state-run importers to reduce shipments from Tehran.
India’s announcement comes as US Special Envoy and Coordinator for International Energy Affairs Carlos Pascual is in India for three days of follow-up oil talks in the wake of Clinton’s visit.
Indian officials had initially said India might reduce Iranian oil imports by 15 to 20 percent.
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Do MORRRRRRRRRRRRE is your fate if accepted once. Only regional countries can keep this area peaceful and prosperous.Forget the past and move on for happy future of this region.
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india in pressure ..
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India will have to say good bye to democracy if it allowed US to settle down in India. US likes dictatorship because it is easy to convine one person than the whole parliament. Soon you will see US directly talking to military and raising their aspirations, as they did in Pakistan
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@pakistanibaloch:
Yes ! But not in the of pressure, that Pakistan is facing from all fronts !
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@Hedgefunder:
but you always obey the english people …..
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@pakistanibaloch:
Even powerfull duper super power Chinese are under pressure on this issue just check it out hon
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@Faysal:
The whole world (that includes your all-weather friend) is complying with the sanctions on Iran – in fact, India has been holding out for a long time both because of its high dependence on Iranian oil as well as good relations between the two countries. Even after this cut, we will still be the largest importer of Iranian oil.
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US’ hypocrisy is unacceptable.
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I think it’s a great move..Its a well established fact that Iran is using all its petro-cash to fund its nuclear dream. India should not indirectly be involved in fulfillment of such Iranian fantasy. However, India does need to look after its own interest when it comes to energy sufficiency and other long term economic goals, for that I guess its better to source it from a cleaner country and not some ‘failed-state-waiting- to-happen’. Should Iran succeeds in building one dirty bomb it will only be a matter of time when some crazed, brainwashed leader acquires the power and puts the entire world peace at threat.
A word of advice to my Pakistani brothers as well..stay away from rogue elements..focus on building up your own nation..and facilitate regional prosperity.
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@Ashvinn:
ok ..the only country which has solution is pakistan in ASIA
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All this sanctions etc may result in oil shortages and price hike. If Americans want to take out Iran’s nuclear program, they should do it fast. Also it is problem for whole world so they should involve other countries so that it does not appear as unilateral Israeli-American act.
They should convince Russia and India that:
1. That they will attack Iran soon (im not war mongerer but Iranian regime is asking for it by belligerent vehaviour, breaking NPT contract, and openly threatening of genocide and to wipe out other nations from earth. Also they unnecessarily interfered in Kashmir against India’s interests)
2. that after regime change they will install regime that has purely secular constitution that guaranties all basic human rights including freedom of religion; and NOT another puppet regime with a constitution that declares it ‘Islamic nation’ like they did in Afghanistan.
3. that they don’t have plans to use Iran as a tool for great game against Russia.
4. that India and Russia will get contracts of Iranian oil projects immediately after war – so that India’s oil supply and hence economy is not adversely affected and Russian fears that Americans want to attack Iran as part of great game are addressed.
5. That they will support welfare and aspirations of Balochis in Iran.
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@let there be peace:
Ahem! I would have thought that we have enough data points on the results of American interventions to be a wee bit sceptical of the tall claims in your post. Further, in Iran’s case, you don’t even have a strong internal opposition force that you can support – so any military action will alienate even moderates, and while strengthening hardliners. Iran’s leaders are big talkers, but I am fairly certain that they will not be the ones to strike the first blow – they are realistic enough to realize that they cannot win in a war where the US is a stakeholder. However, if Israeli action results in an escalation, then any event is possible. But let there be peace.
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@pakistanibaloch: “ok ..the only country which has solution is pakistan in ASIA”
Solutions to what? If you mean defying USA, you probably have not been keeping track of developments on NATO supply route. Secondly when it comes to Iran specifically, your National Bank of PAkistan has backed out from funding the IP pipeline project due to the sanctions on Iran. The OGDC has also disassociated itself from the project due to IRan sanctions by US.
By and large India regularly takes independent foreign policy decisions – whether in case of arms procurement or nuclear reactors orders or Vodafone case or even in terms of voting in the UN. But independent does not mean defiance for the sake of defiance. If after considering the tradeoff of complying/not complying with sanctions, the decision is that complying is better for national interest, that is what the country should do.
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@let there be peace:
US does not have appetite for one more war. Everyone knows it. This is wht it is working hard on enforcing the non-war options to starve Iran of funds needed for the program.
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@BlackJack:
I’m also skeptical about american intentions. If it suits their interests, they support dictators and Islamic regimes. That is why. I have given those suggestions.
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What makes you think that Iranian regime is sensible enough ? common people on street may be, but not their establishment. If a head of a state publicly says they will wipe out entire nation from face of earth, starts enriching uranium despite being signatory to NPT, violates all appeals by international community, is that not reason enough for international community to take action on emergency basis? What more do you want; is world supposed to wait and watch till they actually carry out the plan ?
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people brainwashed by religious extremism or radical ideologies can do anything. Don’t we read daily some young man blowing himself and others because he is brainwashed he will be rewarded in eternal afterlife?
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@gp65:
india is under pressure ..accept the truth……
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The problem is India needs America to counter China and for that it is acting against Iran (unwillingly) …If India can continue day to day affairs inspiteof having nuclear neighbours like China and Pak then Iran’s nuke is not a problem for India
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@pakistanibaloch:
“@but you always obey the english people …..”
Americans are not English.
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@pakistanibaloch:
“india is under pressure ..accept the truth……”
Yes. India is under pressure. Happy? Hahaha…
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@pakistanibaloch: “@gp65:
india is under pressure ..accept the truth……”
Of course India is under pressure jregarding the Iran sanctions ust like China, Japan, Korea and other countries are. You implied that somehow Pakistan was the only Asian country that resisted US pressure and I pointed out facts which differ from your belief.
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@from India:
“The problem is India needs America to counter China and for that it is acting against Iran (unwillingly)”
India maybe acting unwillingly but not for the reason you stated. India cannot depend on US to protect itself from China. IT would be as disappointed if it did that as Pakistan was in 1965 and 1971. The reason India is complying is because a large percentage of Indian exports are to US and a fairly substantial amount of remittance also comes from US.
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@pakistanibaloch: ” …. india is under pressure ..accept the truth…… “
A nuclear armed Iran is not of benefit to us. Had they been Zoroastrians, one would not have batted an eye-lid.
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India and China, Iran’s biggest oil buyers are under pressure. The US is threatening to impose sanctions which could exclude nations from the U.S. financial system if they don’t reduce Iran oil imports. Time will tell if Washington’s effort to target Tehran’s oil exports to force it to abandon its nuclear program would bring fruit.
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