India’s oil imports from Iran in February plunged by over 60 per cent from a year ago to about 260,000 barrels per day (bpd) as New Delhi cuts imports under a sanctions waiver deal with Washington, data compiled by Reuters showed.
The United States introduced sanctions aimed at crippling Iran’s oil revenue-dependent economy in November but gave a six-month waiver to eight nations, including India, which allowed them to import some Iranian oil.
India has been allowed by Washington to continue to buy about 300,000 bpd oil till early May. India’s February imports from Iran were about 4 per cent lower than January’s purchases, the data showed. Read More