India’s August Iran Oil Imports Drop To Lowest In 18 Months

India’s August Iran Oil Imports Drop To Lowest In 18 Months

India imported 335,400 barrels per day (bpd) oil from Iran in August, the lowest level since February 2016, posting a fall of about 42 percent from a year ago, according to ship tracking data obtained from industry sources and data compiled by Thomson Reuters Oil Research & Forecasts.

August imports from Iran were down 19.2 percent compared with July, the data showed, as the world’s third largest oil importer is reducing intake of Iranian oil in retaliation to Tehran’s decision to award a giant gas field to a Russian company.

India’s oil imports in August declined 5.3 percent from a year ago to 4.05 million bpd, the data showed. During the month, imports from Latin America and Central Asia including Russia surged from a year ago, making up for reduced purchases from the Middle East and Asia. Purchases from Africa were largely flat, the data showed.

Iraq continued to top Indian oil purchases for the fifth month in a row followed by Saudi Arabia, the data showed. Venezuela emerged as the third biggest supplier, sending Nigeria to fifth position. Iran continued to hold the fourth rank. Read more

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