After China and Japan, India’s oil firm Mangalore Refinery and Petrochemicals Ltd (MRPL) is mulling to cut its annual import deal with Iran by 44 percent, an international news agency reported on Monday.
Reportedly, the 44 percent or 80,000 barrels per day (bpd) oil import cut would roughly estimate a reduction of more than 20 percent in India’s total purchases of Iranian oil in the next fiscal year.
The news agency has quoted their sources from the MRPL who plans the cut in imports of oil from Iran in the next fiscal year beginning April.
Earlier, China and Japan, Iran’s other leading Asian buyers, have made similar reductions in imports from Tehran. Iran is India’s second-biggest oil supplier after Saudi Arabia.
The international row over cutting Iranian oil import started when US and European nations, targeted Iran to halt its suspected development of nuclear weapons.