Wednesday, December 19, 2012

India to Cut Iran Oil Imports by 10-15 Percent in 2013

Reuters reported today that the government of India plans to cut Iran oil imports by 10 to 15 percent in the 2013/14 fiscal year. A government official tells Reuters that the cuts will be even deeper if Iran does not lower prices to help cover higher costs resulting from Western sanctions. The Times of India featured Reuters story on its front page.

“Next year our imports will be 10 percent to 15 percent less than this year,” said the unnamed government official. “If they don't cut prices, the decline will be substantial. Indian refiners have genuine problems with credit availability.” (Reuters/The Times of India, 19 December)

The report from India follows an announcement by Japan’s top refiner that the country's crude oil imports from Iran would be about 15 percent lower next year. South Korea has also announced a 20 percent cut in Iran crude imports. China has not yet announced its plans for 2013 imports, but its Iran imports in 2012 were down by 22 percent.
China, India, Japan and South Korea are respectively the largest clients of Iranian crude. 

1 comment:

Anonymous said...

This is what happens when you have illiterates running the country.
Go back to your mosques where you belong and leave affair of state to real secular politicians!