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India's crude oil imports from Iran plunged 45pct in January 2019

Gasoil News - Published on Tue, 19 Feb 2019

Image Source: Al Arabiya
Ship tracking data reviewed by Reuters showed, India's oil imports from Iran fell by 45 percent in January to 270,500 barrels per day oil, below the estimated 300,000 bpd for the month as some cargoes were delayed. The United States 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.

The tanker arrival data showed, India is restricted to buying 1.25 million tonnes per month, some 300,000 bpd. January imports from Iran were 10.4 percent lower than December.

The data showed that 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 percent from about 10 percent a year earlier.

After abandoning the 2015 Iran nuclear deal, US President Mr 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.

The data showed that in the first 10 months of this fisal year that began in April, India's oil imports from Iran rose by 14.5 percent to 507,000 bpd as refiners boosted purchases ahead of the U.S. sanctions drawn by discounts offered by Tehran.

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Posted By : Rabi Wangkhem on Tue, 19 Feb 2019
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