India could save US$17bn in oil import bill:
India could save a whopping US$17bn in the crude oil import bill on account of the plummet in crude oil prices, currently hovering between US$110-120 per barrel after nearly touching US$150 per barrel, stated an ASSOCHAM Eco Pulse Study.
Union Petroleum and Natural Gas Minister S. Jaipal Reddy today said that India will continue to import oil from Iran without violating any international law and has requested the United States and the European Union to take into account India's oil needs.Reddy's comments come in the wake of US saying that it could impose sanctions on countries imposing the product.