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India's top Iran oil buyer plans import cuts, almost by half

06 March 2012

The largest buyer in India of Iranian oil plans to almost halve daily imports, becoming the latest Asian refiner to cut as Western sanctions make trade with Opec's second-largest producer difficult, Reuters has reported, citing industry sources. State-run Mangalore Refinery and Petrochemicals (MRPL), could reduce imports to as little as 80,000 barrels per day (bpd) for the fiscal year starting April 1, the sources said. That would be down around 44% on the average annual purchase of 150,000 bpd. "There will be a drastic reduction in volumes from Iran," said one source. "For the next fiscal year, MRPL plans to restrict its term deal to 80,000-100,000 bpd."

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