International Energy Network News: Iran warned on Tuesday that unless Iran’s multi-billion-dollar overdue payments are resolved, Iran will suspend its supply of oil to India. Indian Foreign Ministry spokesperson Ramin Mehmanparast said at this week’s press conference: “If the Iranian side believes that it cannot receive funds to provide us with oil supplies, they will reconsider whether to export oil to India.â€
India is Iran’s second largest oil exporter, absorbing about 20% of Iran’s total oil exports. However, due to the financial sanctions imposed by the international market on India’s nuclear projects, the Indian government has already owed Iranian oil for more than six months. According to reports from the Iranian News Agency, Mahmoud Bahmani, chief executive of the Iranian Central Bank, estimates that the total amount of oil owed by the Indian side has reached about $5 billion.
In early July of this year, Iran had stated that they had issued a warning to Indian refinery companies that it might be possible to stop the supply of oil due to overdue oil arrears.
India is Iran’s second largest oil exporter, absorbing about 20% of Iran’s total oil exports. However, due to the financial sanctions imposed by the international market on India’s nuclear projects, the Indian government has already owed Iranian oil for more than six months. According to reports from the Iranian News Agency, Mahmoud Bahmani, chief executive of the Iranian Central Bank, estimates that the total amount of oil owed by the Indian side has reached about $5 billion.
In early July of this year, Iran had stated that they had issued a warning to Indian refinery companies that it might be possible to stop the supply of oil due to overdue oil arrears.
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