India’s 2016 Iran oil imports hit record high

India’s 2016 Iran oil imports hit record high

India’s annual oil import from Iran surged to a record high in 2016 as some refiners resumed purchases after the lifting of sanctions against Tehran, according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts.

The sharp increase propelled Iran into fourth place among India’s suppliers in 2016, up from seventh position in 2015. It used to be India’s second-biggest supplier before sanctions.

For the year, the world’s third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed.

In December, oil import from Iran more than doubled from a year earlier to about 546,600 bpd.

In 2015 refiners had slowed purchases due to sanctions which choked payment routes, insurance and halved Iran’s exports. Read more

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