India will cut its oil imports from Iran by nearly two-thirds from the first quarter after the US asked it to hold the shipments at end-2013 levels, Reuters reported. The move is in keeping with the nuclear deal easing sanctions on Tehran, Indian government sources said. India, with the increases already made in the January-March loading plans from Iran, has to cut its purchases of the crude to about 110,000 barrels per day to drop its intake average to 195,000 bpd for the six months to July 20. ============================ This will impact petrol prices adversely in India.
How will the US compensate India for this?
