· India is the world's third-biggest oil consumer and it meets more than 80 per cent of its oil needs through imports.
· Iran is India’s third-largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of total needs. Currently, India pays Iran in Euros using European banking channels.
· India had previously resisted US’s call to reduce crude oil imports from Iran to zero, citing the increasing energy needs of its 1.3 billion populations.
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