India Pledges Iran Cuts; Naimi Says Prices Too High
Bloomberg / Pratish Narayanan

India plans to cut annual oil imports from Iran by 20 percent while Saudi Arabia is storing as much as 80 million barrels of crude to boost supplies amid prices it said are too high.

India will curtail its purchases from Iran to 14 million tons from 17.5 million metric tons in the year ending March 31, said four Indian officials who declined to be identified because the information is confidential. U.S. Secretary of State Hillary Clinton, on a visit to New Delhi today, called on India to further pressure Iran over its disputed nuclear program.

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