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Indian refiners have been asked by New Delhi to cut their intakes of Iranian crude oil in the coming two months, with the directive coming in advance of US President Barack Obama’s scheduled 25 January arrival in India for a state visit.
The aim seems to be to enable India to argue to the US, that although volumes have risen in recent months, New Delhi has taken action to rectify the situation.
This follows months of bumper Indian buying, which saw imports from Iran rise by more than 45% in the first three quarters of this fiscal year (April 2014 – March 2015) versus last, violating in theory, the terms of the Joint Plan of Action (JPA) – the interim nuclear deal struck between Iran and world powers in late 2013, which required Iran’s oil customers to maintain purchases at what was then deemed to be “current levels”. (CONTINUED - 834 WORDS)