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India spent the past five years cutting its Iranian oil imports to comply with international sanctions.Tougher U.S. sanctions on Iran meant India was obliged to halve purchases from the Gulf nation since 2009 . Iran was India's second-biggest supplier until three years ago, when it was displaced by Iraq. India cut purchases from Iran to 11 million metric tons in the year ended March 31, compared with a peak of 21.8 million tons in 2008-09, Oil Ministry data shows. Indian refiners owe Iran $4.2 billion for crude and 39 percent will be paid off by next month, an Oil Ministry official said Thursday.
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