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India Said to Plan 20% Cut in Iran Oil Imports This Fiscal Year

May 7 (Bloomberg) -- India plans to cut its oil imports from Iran by 20 percent this financial year, four Indian government and refinery officials with direct knowledge of the matter said.

Asia’s third-biggest importer of crude will curtail its purchases from the Persian Gulf nation to 14 million tons from 17.5 million tons in the 12 months ending March 31, the officials said. They asked not to be identified because they aren’t authorized to speak on the subject.

Secretary of State Hillary Clinton arrived in New Delhi today, where she will urge Indian officials to assist the U.S.- led campaign to pressure Iran over its disputed nuclear program.

Clinton is pressing India to cooperate with U.S. sanctions that call for countries to “significantly reduce” purchases of Iranian oil in order to squeeze Iran economically.

To contact the reporter on this story: Indira A.R. Lakshmanan in Washington at ilakshmanan@bloomberg.net

To contact the editor responsible for this story: Mark Williams at mwilliams108@bloomberg.net

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