India could save $8.5 billion by buying extra Iranian oil: minister

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Iranian Oil Minister Qasemi walks with India's Oil Minister Moily after a meeting in New DelhiBy Nidhi Verma NEW DELHI (Reuters) – India could save $8.5 billion in foreign exchange spending on crude oil imports in 2013/14 if it relied more on supplies from Iran, which is able to accept payment in rupees, India's Oil Minister M. Veerappa Moily said. In a letter to Prime Minister Manmohan Singh spelling out a strategy to curb foreign exchange outflow against a backdrop of a weak currency, Moily said India was likely to import about 13 million tonnes of oil from Iran in 2013/14. It has already imported 2 million tonnes so far in the fiscal year that began in April. …