India seems to hold the upper-hand over Iran in a dispute over payments for crude oil shipments that has been rumbling for over six months.
Iran supplies India with 12-14 per cent of its total imports, making it India’s second biggest provider after Saudi Arabia. But a payments dispute has left India owing debts estimated at anywhere between $2-6 billion. In effect, this means India has been importing Iranian oil on credit since December 2010. Read more