India’s oil imports from Iran up 17%
The latest market figures show India’s imports of crude oil from Iran in September rose by about 17 percent over August.
Figures released by Reuters show India on average imported 233,000 barrels per day (bpd) of oil from Iran in September. The imports for August stood at 199,000 bpd.
A bulk of the rise in imports from Iran came from India Oil Corporation (IOC) that purchased a cargo of 2 million barrels of oil from Iran – its first buy from Tehran in several months.
IOC’s cargo was meant to feed its recently commissioned Paradip Refinery on the nation’s east coast.
Nevertheless, other figures show that India’s collective purchases of oil from Iran from January to September stood at an average of 216,000 bpd, down about 19 percent compared to the same period last year.
The reason for this has been cited as pressures from the United States on New Delhi to keep its imports within the limits of sanctions against Iran.
On the other hand, imports over the first half of the Indian fiscal year – from April to September – jumped about 17 percent. This came refiners stepped up purchases from Iran over anticipations that the sanctions against the country will be lifted in the near future in light of the Vienna nuclear breakthrough that it managed to achieve with the P5+1 group of countries.
Iran’s overall crude oil sales look to be headed towards a seven-month low in October, down 14 per cent from September, according to preliminary tanker loading data.
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