Sunday, August 26, 2012

U.S. losing India in the oil wars

Iran drawing India closer with talks on train, road access to Afghanistan - The Washington Post: "India’s closer cooperation with Iran will likely offend the United States, which has been pushing the international community to punish Iran over its nuclear program.

India has come under increasing pressure from Washington over its ties with Iran, but New Delhi needs Iranian crude supplies to power its economic growth. Iran supplies about 12 percent of India’s energy needs.

India’s talks with Iran will explore ways to expand trade to improve the heavily skewed balance of trade between the two countries, Mathai said.

Two-way trade in the last year totaled about $16 billion, of which Indian oil imports from Iran accounted for $13.5 billion.

Mathai said India would accept sanctions imposed by the United Nations, but would not heed those imposed by others, referring to harsher sanctions maintained by the United States and Europe."

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