Iran trims down oil export to India

Iran has temporarily cut its oil export to India by 90,000 barrel per day (bpd) as of July 23 due to technical problems in India’s oil terminals, Mehr news agency reported on Wednesday. "Iran has no intention to cut its oil export to India ... and this 90,000 bpd oil export cut is a temporary measure due to technical problems in India's terminals, not as a result of Iran’s ultimatum to India over its oil imports debt" Mehr said, without giving a source. Iran had previously warned India that it would halt its oil supplies in August as New Delhi failed to solve a payments dispute that has cast a shadow since December over the two countries' $12 billion annual crude trade. The report said India compensated the cut from other oil sellers. "India has signed a contract with one of the Persian Gulf countries in order to compensate the loss of 90,000 (bpd) Iranian crude export," the report said. Iran, facing global sanctions over its nuclear program, and energy-hungry India, have been looking to resolve an impasse triggered when the Reserve Bank of India ended a regional clearing mechanism under U.S. pressure. Mehr said Iran's export to India will "return to its normal trend" in September