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11 January
2019
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India's oil imports(The Total Investment & Insurance Solutions)
India's oil imports from Iran fell by 41
percent in December to 302,000 barrels per day oil (bpd), ship tracking data
reviewed by Reuters showed, as pressure from U.S. sanctions took effect. The
United States introduced tough sanctions aimed at crippling Iran's oil
revenuedependent economy in November but gave a six-month waiver to eight
nations, including India, which allowed them to import some Iranian oil.
India is restricted to buying 1.25 million
tonnes per month, some 300,000 bpd. December imports from Iran were 9.4 percent
higher than November when some cargoes were delayed due to lack of ships, the
tanker arrival data showed. Iran was the sixth biggest oil supplier to India in
December compared to third position it held a year ago and last month Tehran's
share of India's overall imports declined to 6.2 percent from 11.7 percent a
year ago, the data showed.
After
abandoning the 2015 Iran nuclear deal, U.S. President Donald Trump is trying to
end Tehran's nuclear ambitions and ballistic missile programme and curb its
support for militants in Syria, Yemen, Lebanon and other parts of the Middle
East. In 2018 India shipped about 13 percent more oil from Iran at 531,000 bpd
as refiners boosted purchases ahead of the U.S. sanctions drawn by discounts
offered by Tehran, the data showed.
Iran was hoping to sell more than 500,000 bpd
of oil to India in 2018/19, its oil minister Bijan Zanganeh said in February
last year, and had offered almost free shipping and an extended credit period
to boost sales to India. In the previous fiscal year that ended on March 31,
2018 India refiners had cut purchases from Iran due to a dispute on the award
of development rights of a giant gas field.
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. In April-December 2018, the first 9 months of this fiscal year,
India's oil imports from Iran averaged about 533,800 bpd, up about 22 percent
from a year ago, the data showed. India's total oil imports in December were
about 4.9 bpd, up about 15 percent from a year ago, the data showed.The Total Investment & Insurance
Solutions
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