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2018-06-15 11:05:00

INDIA - IRAN OIL IMPORTS

INDIA - IRAN OIL IMPORTS

REUTERS- India's oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.

From June India's oil imports from Iran could drop because at least two refiners — accounting for about 35 percent of Indian refining capacity of around 5 million bpd — are preparing to curb purchases under pressure from the U.S. sanctions.

On May 8 U.S. President Donald Trump said that the United States was pulling out of a 2015 international nuclear deal with Iran and would impose new sanctions seeking to reduce the country's oil shipments.

India's oil imports from Iran in May rose by 10.2 percent from the previous month and were about 45 percent more than a year ago, the data showed.

Iran's oil exports hit 2.7 million bpd in May, Iranian news agency SHANA reported this month, representing a record high since the lifting of international sanctions on Tehran in 2016.

Indian state refiners had cut oil imports from Iran in the 2017/18 financial year because of a dispute over development rights for a giant gas field.

However, the refiners had drawn plans to raise imports in the current fiscal year from April after Iran agreed to steep shipping discounts.

India, the world's third-biggest oil importer and consumer, is Iran's second-biggest customer behind China.

Nayara Energy, formerly known as Essar Oil and in which Russia's Rosneft holds a majority stake, has started reducing Iranian oil imports from this month, sources said. In May Nayara was the biggest Indian buyer of Iranian oil, receiving more than 200,000 bpd, the data showed.

Reliance Industries, owner of the world's biggest refining complex, is preparing to halt imports of Iranian oil from October or November, sources said.

India's oil minister Dharmendra Pradhan last week said the country has adopted a "wait and watch" policy pending clarity on the impact of U.S. sanctions.

In the first five months of 2018 India imported 583,500 bpd from Iran, about 6.5 percent more than a year ago, data from the sources showed. The sources declined to be identified because they are not authorised to speak to the media.

Iran remained the third-biggest oil supplier to India last month behind Iraq and Saudi Arabia, the data showed, with the United Arab Emirates having replaced Venezuela as the fourth-biggest supplier.

Overall, India imported 4.34 million bpd in May, about 2.8 percent higher than a year ago.

The U.S. sanctions on Iran's petroleum industry will take effect after a 180-day "wind-down period" ending on Nov. 4, but many European refiners and Asian buyers are already winding down Iranian oil purchases.

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Earlier:

 INDIA IGNORES SANCTIONS
2018, May, 30, 13:45:00

INDIA IGNORES SANCTIONS

BLOOMBERG - India, a long-time buyer of oil from both Iran and Venezuela, only complies with United Nations-mandated sanctions and not those imposed by one country on another, said foreign minister Sushma Swaraj at a press conference in New Delhi on Monday.

 ARABIAN OIL FOR INDIA
2018, May, 23, 10:05:00

ARABIAN OIL FOR INDIA

AOG - The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India’s annual monsoon season.

 IRAN & VENEZUELA SANCTIONS
2018, May, 21, 11:00:00

IRAN & VENEZUELA SANCTIONS

NYT - China and India are the biggest buyers of Iranian crude, but they also provide markets for 40 percent of Venezuelan exports, which have been plummeting under the weight of mismanagement, debt and American financial sanctions.

 INDIA'S OIL IMPORTS UP 2.5%
2018, May, 18, 09:00:00

INDIA'S OIL IMPORTS UP 2.5%

REUTERS - 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.

 INDIA'S OIL DEMAND UP 4.5%
2018, May, 16, 12:15:00

INDIA'S OIL DEMAND UP 4.5%

BLOOMBERG - India’s oil consumption surged 4.5 percent in April as industrial activity gathered pace in Asia’s third-largest economy and sales of trucks and buses soared.

 INDIA'S OIL RISK
2018, May, 10, 13:15:00

INDIA'S OIL RISK

BLOOMBERG - India sees a greater probability of global crude oil prices remaining high for a longer period, a scenario that threatens to dent growth and fan inflation in Asia’s third-largest economy.

 INDIA'S OIL DEMAND UP
2018, April, 23, 14:35:00

INDIA'S OIL DEMAND UP

PLATTS - India ended the first quarter of 2018 with robust oil products demand growth of 8.5%, the fastest quarterly growth since Q3 2016, as a renewed push on infrastructure projects and surging auto sales lifted gasoline and gasoil consumption.

Tags: INDIA, IRAN, OIL, IMPORTS