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      Home >> News

      India to cut Iran oil imports in 2013-14

      India plans to reduce by 10-15% its imports of Iranian oil in the next fiscal year and will buy even less if Tehran does not lower prices to compensate for bigger borrowing costs as sanctions make banks reluctant to finance oil trade, Reuters has reported, citing official sources. "Next year our import will be 10% to 15% less than this year," said a government official with direct knowledge of the matter. "If they don't cut prices, the decline will be substantial. Indian refiners have genuine problems with credit availability."