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India may cut Iranian oil imports by 15% in 2014-15 from the current fiscal year's target, if western sanctions on Iran are not eased and the situation remains the same, a senior oil ministry official said on Tuesday.
India, Iran's second-biggest customer after China, may import 180,000-185,000 barrels per day (bpd) of Iranian oil in 2014-15 fiscal year beginning in April, and would be able to import close to the targeted 220,000 bpd in the current fiscal year, R K Singh told reporters.
Tough US and EU sanctions have slashed exports from the OPEC member by more than half to about 1 million barrels per day (bpd), costing it as much as $80 billion in lost revenue since early 2012, according to White House estimates.
Even though a breakthrough accord was reached in November between world powers and Tehran over its disputed nuclear programme, tough work lies ahead in moving on from the initial deal.
