Iran to cut benefits on oil sales to India. Here's why
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The lower incentives will make Iranian purchases costlier and less competitive in a world awash with crude oil where rivals such as
India in turn, is using the supply glut to put pressure on
Cutting Purchases
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Indian state-run refiners told Iran last month that they would cut oil purchases by 3 million tons during the financial year that started April 1, the people said.
India's overall oil imports from the Persian Gulf nation touched 19.8 million tons during April-December last year, compared with 12.7 million tons in the 2015-16 financial year, according to oil ministry data.
Iran's Oil Minister
India's Oil Minister
MRPL spokesman
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