India’s Iranian oil imports in June hit 592,800 bpd
India’s monthly oil imports from Iran amounted to 592,800 barrels per day (bpd) in June, according to data from industry and shipping sources. India’s oil imports in June rose 10.1 percent from a year ago to 4.82 million barrels per day (mbd), the data showed, reported Reuters.
Overall purchases climbed on a higher intake of crude from Mexico, the United States and Azerbaijan. Imports from other Middle East suppliers also increased.
State refiners, accounting for about 60 percent of India’s refining capacity, lifted 10 percent more Iranian volumes in June compared to May, at about 454,000 bpd, the data from the sources showed.
On a yearly basis, India’s imports from Iran were 19.5 percent higher, the data showed.
Indian state refiners had cut Iranian oil imports in the 2017-18 financial year because of a dispute over the development rights for an Iranian natural gas field.
However, the state refiners raised their imports in the current fiscal year starting in April after Iran offered free shipping and an extended credit period of 60 days.
For the first six months of 2018, India’s Iranian oil imports increased by 8.4 percent to 585,000 bpd.
In April to June 2018, the first quarter of this fiscal year, India’s oil imports from Iran rose by about 24 percent from the previous quarter to about 647,000 bpd, the data showed. Imports by state refiners during the period more than doubled to about 413,400 bpd from 191,700 bpd, the data showed.