India 2012-2013 Crude Imports From Iran May Drop by 25%

Reuters reported that annual crude imports from Iran to India may drop almost by 25% in 2012-2013.

As quoted in the market news:

The reduction is greater than the 15-22 percent benchmark set by Japan for its waiver from punishing U.S. financial sanctions and could secure exemption for New Delhi, which has dismissed the measures in public but privately called for cuts.

Click here to read the full Reuters report.