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17
May 2018
 |
| Iran's oil exports (The
Total Investment & Insurance Solutions) |
India's
oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its
highest level since October 2016, according to data from shipping and industry
sources, as refiners raised purchases ahead of looming U.S. sanctions against
Tehran. The Total Investment &
Insurance Solutions
Overall,
India imported 4.51 million bpd in April, 2.5 percent higher than a year ago,
the data showed. The Total Investment
& Insurance Solutions
India's
Iranian imports rose by 49 percent from March and were 20 percent higher than a
year ago, the data showed. The country is the Iran's second-biggest buyer of
crude after China. The Total Investment
& Insurance Solutions
State
refiners have raised their imports after Iran agreed to steep shipping
discounts. The Total Investment &
Insurance Solutions
Iran exported a total 2.6 million bpd of
crude in April, a record since the lifting of sanctions in January 2016,
according to the news service for the country's oil ministry. The Total Investment & Insurance
Solutions
Going
forward, however, Iran's oil exports are expected to fall. U.S. President
Donald Trump earlier in May announced the withdrawal from a 2015 agreement
between the United States, Iran and other world powers to limit Iran's nuclear
programme. The Total Investment &
Insurance Solutions
The
United States intends to renew economic sanctions against Iran, including on
the petroleum sector. The Total
Investment & Insurance Solutions
India's
Oil Minister Dharmendra Pradhan said on May 12 that it is too early to say how
the sanctions will impact India.
In
the first four months of 2018, India imported 552,000 bpd from Iran, about 2
percent less than a year ago, the data from the sources showed. The sources
declined to be identified as they were not authorised to speak with media.
India's
2018 Iran oil purchases fell because of lower intake by state refiners in the
March quarter. The Total Investment
& Insurance Solutions
New
Delhi imported 16 percent less oil from Iran during the 2017/18 financial year
as state-refiners reduced purchases after a row over development rights for an
Iranian natural gas fields. The Total
Investment & Insurance Solutions
Iran
remained the third-biggest oil supplier to India last month followed by Iraq
and Saudi Arabia, the data showed. The
Total Investment & Insurance Solutions
Venezuela
replaced Nigeria as the fourth-biggest supplier as the South American nation
pushed more barrels in India and curtailed supplies to the U.S.
India received about 397,200
bpd of oil from Venezuela in April, the highest since September, up about 46.8
percent from a year ago, the data showed. The
Total Investment & Insurance Solutions
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