(MENAFN) India plans to up its oil imports from Iran as the country's economy is suffering, Tehran Times reported.
The widening account deficit in India and the free-falling rupee caused the country to turn to Iranian oil; a move that could save USD8.5 billion in foreign exchange.
In the 2012-2013 period, following sanctions on Iranian oil imports, India imported 26.5 percent less oil from Iran. In the period, India purchased 13.1 million tons of oil versus 18.1 million tons in 2011.
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