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India Tuesday said it had decided to reduce crude oil imports from Iran by 11.1 percent this fiscal year to 15.5 million tons, a move which comes in the wake of pressure from the United States to isolate the Gulf nation over its nuclear program.
"Total crude oil imported from Iran by Indian companies during the period 2010-11 and 2011-12 is 18.50 million tons and 17.44 million tons respectively. The target fixed for import of crude oil from Iran for the year 2012-13 is approximately 15.5 million tons," Indian Minister of State for Petroleum and Natural Gas R.P. N. Singh told the Parliament.
India currently imports 80 percent of its crude oil from over 30 countries, and it relies on Iran for 12 percent of these imports.
Indicating that the reduction in oil imports from Iran is not based on the U.S. pressure, the Minister said that the quantum of crude oil imported by Indian refineries from various sources is decided by themselves on the basis of technical, commercial and other considerations.
"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," Singh said in a written reply to the Parliament.
India's decision came a week after the U.S. Secretary of State Hillary Clinton said that New Delhi needed to further reduce imports from Iran to win waiver from U.S. sanctions.
India had earlier rejected western countries' sanctions and calls to suspend oil imports from Iran. |
