India’s oil imports from Iran plunged 45% in January
oil imports from Iran fell by 45% in January to 270,500 barrels per day oil (bpd), ship tracking data reviewed by
Reuters showed, below the estimated 300,000 bpd for the month as some cargoes were delayed.
The US introduced sanctions aimed at crippling Iran’s oil revenue-dependent 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. January imports from Iran were 10.4% lower than December, the tanker arrival data showed.
Iran was the seventh biggest oil supplier to India in January compared with sixth in December, and slipped from third position it held a year ago. Last month Tehran’s share in India’s overall oil imports declined to about 6% from about 10% a year earlier, the data showed.
In the first 10 months of this fiscal year that began in April, India’s oil imports from Iran rose by 14.5% to 507,000 bpd as refiners boosted purchases ahead of the US sanctions drawn by discounts offered by Tehran, the data showed.