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February 21, 2012 1:03 pm

India, China Will Cut Consumption of Iran Oil

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Shanghai skyline. Photo: wiki commons.

JPost/Reuters – China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening US sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer.

The countries together buy about 45 percent of Iran’s crude exports. The reductions are the first significant evidence of how much crude business Iran could lose in Asia this year as Washington tries to tighten a financial noose around Tehran.

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  • Gail

    I would be surprised to see any reduction in oil purcheses by India and China. I believe that in truth while maybe not stating it that they will INCREASE purchses of Iranian crude. All indications are that China has been successful in rebuffing US attempts to isolate it from growing trade by forming its own group of special trade partners. China, India Iran, Iraq, Pakistan and Afghanistan and probably Russia are the beginning of a major trade block that covers a huge portion of the world’s population. Visibility and openess will not be a strong point with this group.