India’s May oil imports down 11% from April

India’s May oil imports down 11% from April

India imported 4.3 million barrels per day (bpd) of oil in May, a decline of 11% from the previous month, according to preliminary tanker arrival data obtained from shipping and industry sources, as some refiners plan maintenance work.

Iran’s share in India’s overall crude imports shrank to about 3 per cent in May from 16 per cent a year earlier as New Delhi, under pressure from tough U.S. sanctions, suspended purchase of oil from the OPEC-member from last month, the data showed. Iran, which was third-biggest oil supplier to India in May 2018, slipped to ninth last month from seventh in April, the data showed.

India received 132,000 barrels per day (bpd) of Iranian oil that was lifted in late-April, a decline of 81% from a year earlier the data showed. To make up for the loss of Iranian oil, India turned to oil from Iraq, the United States Read More

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