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2019-04-15 12:15:00

IRAN'S OIL FOR INDIA UP

IRAN'S OIL FOR INDIA UP

REUTERSIndia imported about 5 percent more oil from Iran in the last fiscal year through March as companies raised purchases ahead of U.S. sanctions against Tehran from November, preliminary tanker arrival data obtained from shipping and industry sources showed.

Despite Washington restricting India's purchases from Tehran, refiners shipped in about 479,500 barrels per day (bpd) of Iranian oil in 2018/19 compared with about 458,000 bpd a year before, according to the data.

The United States introduced sanctions in November but gave a six-month waiver to eight nations, including India, which allowed them to import some Iranian oil.

India was allowed by Washington to continue to buy about 300,000 bpd oil until early May.

In March India's oil imports from Iran rose to about 405,000 bpd, about 56 percent higher than February, the data showed. March volumes were however about 6 percent lower than the purchase in the same month a year earlier.

A lack of ships delayed lifting of some cargoes to end-February, leading to higher arrivals in March, sources said. BPCL could not lift a cargo from Iran as tanker was not available, a company source said.

Since November, when India received the sanctions waiver, only state-run Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum and Mangalore Refinery and Petrochemicals have been buying Iranian oil.

India's overall imports from Iran in 2018/19 were lower than the 500,000 bpd that Iran was hoping to sell to its second-biggest oil client after China. Indian refiners raised purchases from Iran in April-October 2018, drawn to almost free shipping and extended credit offered by Tehran to boost sales.

In the first quarter of 2019, India shipped in about 40 percent less oil from Iran at about 313,400 bpd, the data showed.

The sources declined to be identified as they were not authorized to speak with media.

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Earlier:

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2019, April, 12, 11:30:00

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2019, March, 13, 11:05:00

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India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about extending a sanctions waiver past early May, two sources with knowledge of the matter said. New Delhi is asking to be allowed to still buy Iranian oil at current levels of around 1.25 million tonnes per month, or about 300,000 barrels per day, the sources said.

 
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NAR - India is seeking to diversify its oil import sources amid tough U.S. sanctions on Iran and Venezuela, two key members of the Organization of the Petroleum Exporting Countries that provides the bulk of its crude needs.

 
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2019, February, 13, 11:45:00

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2018, December, 21, 14:10:00

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PLATTS - India imported 17 million mt (4.2 million b/d) of crude oil in November, down 11.4% year on year, the latest provisional data from the country's Petroleum Planning and Analysis Cell showed.

 
 IRAN'S OIL FOR INDIA DOWN
2018, December, 17, 10:25:00

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REUTERS - India’s monthly oil imports from Iran plunged to their lowest in a year in November with Tehran dropping two places to become only the sixth biggest supplier after New Delhi cut purchases due to the impact of U.S. sanctions, according to ship tracking data and industry sources.

 

 

 

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