India says importing 14m tons of oil from Iran

TEHRAN,April 26(MNA)--India, the second-largest consumer of Iranian oil after China, said it was now importing 14 million tons of crude from Iran. "We are buying Iran oil," Indian Finance Minister Pranab Mukherjee told reporters on Sunday after a group of 20 finance minister meetings in Washington. The pending U.S. penalties and a European embargo on Iranian oil starting from July has helped push oil prices above $110 a barrel. Mukherjee said the high oil prices has "caused immense problems" to the Indian economy. "When I presented the budget of the last year, I assumed the average oil price would be $90 $90-95," he said. "But actually we had to bear out average price of $115 per barrel for Brent crude."