India pays second installment of $550 mn to Iran in oil dues

India on Tuesday paid the second installment of USD 550 million to Iran to clear over one-fourth of its dues for oil imports from the Persian Gulf nation.

US asks India not to increase Iran oil imports till mid-2014

The US has asked India not to increase crude oil imports from Iran until the middle of 2014 as it tests Tehran's resolve to cooperate with world powers on its controversial nuclear programme.

'India to slash Iran oil imports to meet nuclear deal parameters'

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 (bpd) to drop its intake average to 195,000 bpd for the six months to July 20.

Iran-India officials discuss oil trade issues

Weeks after a historic accord eased restrictions on Iran, a high level Iranian delegation Tuesday discussed with Finance Ministry officials the payment mechanism and shipping arrangements for increased oil trade.

India should import more Iran oil: Oil Ministry

Oil accounts for about a third of India's total imports and higher dollar prices combined with a rupee near all-time lows have increased its cost, adding pressure to a bloated current account deficit.

India seeks to pay Iran oil bill fully in rupees

Keen to reduce a record current- account deficit by raising oil imports from Iran, India is seeking to restart the mechanism of paying the Persian Gulf nation entirely in rupees.

India to explore all options to enhance oil import from Iran

Government on Wednesday said it will explore all options to increase import of crude oil from Iran within the framework of UN sanctions.

PMO calls meeting to discuss raising oil imports from Iran

With the rising oil import bill casting a shadow on attempts to rein in a record current account deficit, the Prime Minister's Office has called a meeting to discuss raising crude imports from Iran to curtail dollar payouts.

India to save $8.5 bn in oil imports from Iran: Moily to PM

India, which paid about USD 144.29 billion last fiscal for importing oil, is renewing imports from Iran as unlike imports from other countries it pays the Persian Gulf nation in rupees.

India plans oil import from Iran to cut import bill, CAD

The oil ministry has worked out a plan to save USD 22 billion in the oil import bill from Iran thus helping reduce the current account deficit (CAD), Petroleum Minister M. Veerappa Moily has said.

Iran agrees to take all oil payments from India in rupees

Iran has agreed to take payments for oil it sells to India entirely in rupees after US and western sanctions blocked all other payment routes.

India cuts oil import from Iran by 26.5% in FY'13

India has slashed import of crude oil from Iran by over 26.5 percent in the financial year ended March 31 as US and European sanctions made it difficult to ship oil from the Persian Gulf nation.

India won't cut oil imports from Iran

The Indian government does not intend to cut oil imports from Iran due to US-backed sanctions and the recent decline in purchases were due to payments, insurance and logistics problems, Foreign Secretary Ranjan Mathai said Thursday.

Iran says it has enough oil for 150 years

Iran has enough petroleum to last for 150 years, allowing it to be one of the world's main exporters of crude, Petroleum Minister Rostam Ghasemi told the Fars news agency Sunday.

FinMin exempts rupee payment for Iran oil from local taxes

Clearing the way for oil refiners to pay Iran in Indian rupee, the finance ministry Thursday issued notification exempting payments made for crude oil purchased from the Persian Gulf nation from any local tax.

India's oil import bill jumps 40% to $140 bn in FY’12

India's oil import bill leaped 40 percent to a record USD 140 billion in 2011-12 as high oil prices shaved off much of the nation's GDP growth rate, Oil Minister S Jaipal Reddy said Wednesday.

India hopes to win waiver from US for oil supplies from Iran

After drastically cutting imports from Iran, India is hoping to win waiver from US financial sanctions on its oil trade with Iran so as to continue to getting supplies from the Persian Gulf nation.

India's cut on Iran oil imports not due to US pressure: Blake

US which has been asking India to cut oil imports from Iran has said that the reduction has happened not because of its pressure but due to "financial and commercial considerations".

Will have talks with India on Iran oil import: US

The US has said that it will have more consultations with India on New Delhi reducing dependence on Iranian crude.

India decides to cut crude oil import from Iran by over 11%

Succumbing to US pressure, India has decided to cut crude oil import from Iran by over 11 percent this fiscal to 15.5 million tons.