Iran’s oil exports to India fell by 34 percent in April compared to March 2012.
Reuters reports that India is trying to reduce its oil imports from Iran in line with U.S. and EU sanctions on Iranian crude.
India has reportedly managed to make a very significant reduction in its oil imports from Iran, with the main cuts made by state-run companies. This has left privately owned Essar as Iran’s biggest client in India.
The U.S. Secretary of State recently travelled to India to call for more cuts to Iranian crude imports, which would earn India a waiver on U.S. sanctions.
India has reportedly turned to Saudi Arabia and Iraq to fulfill its crude needs.
Japan and South Korea have already gotten exemption from U.S. sanctions for the significant reduction in their oil trade with Iran.
The sanctions are aimed at strengthening the standpoint of the G5+1 when it negotiates with Iran about that country’s nuclear program on May 23 in Baghdad.