·
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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