India plans to cut oil imports from Iran? say officials

New Delhi, June 28 (PTI): India is looking at slashing oil imports from Iran? and replacing them with more purchases from Saudi Arabia and Kuwait after US re-imposed sanctions on the Persian Gulf nation, government and industry officials said today. While a final view on US asking India and China to cut Iranian oil imports has not yet been taken, the petroleum ministry has asked refiners to tread cautiously and start looking at alternatives, they said. Replacing Iran, which is India’s third largest oil supplier behind Iraq and Saudi Arabia, will not be a problem but margins will be hit as Tehran offers the best commercial terms, another official said. Other sources in Latin America and US are also some options, he added.