• 14 December 2018 - 13:52
  • News Code: 94630

In November, India imported about 276,000 bpd of Iranian oil and Tehran became the sixth biggest supplier of New Delhi.

According to Reuters, ship tracking data and industry sources said that India’s imports from Iran in November, included a decline of about 41 percent from October and about 4 percent more than the year-ago month. In November, Iraq and Saudi Arabia continued to be the top two oil sellers to India.

India is restricted to buying 1.25 million tonnes per month, or about 300,000 barrels per day (bpd). “Iran do not have vessels to export oil on time ... some November loading vessels will arrive in December,” said an industry source, with knowledge of the matter.

Local and international shippers are not carrying Iranian cargoes despite India winning a waiver, this source said. The key problem is that while India can import Iranian oil without falling foul of Washington, that may not apply to a shipping company signing a new delivery contract.

Indian refiners, wary of the impact of U.S. sanctions, had boosted imports from Iran ahead of their introduction, with imports averaging about 563,000 bpd in April-November, a growth of about 32 percent from a low base in the previous fiscal year, the data showed.

Government sources say Reuters’ calculations showing India’s oil imports from Iran in this fiscal year would be higher than the 452,000 bpd, or 22.6 million tonnes, it imported in the previous year, are correct.

During January-November this year India’s oil imports from Iran rose by an annual 18.4 percent to 552,000 bpd, the data showed.



You are replying to: .
2 + 7 =