India’s oil imports from Iran rose nearly 17% in February from a month earlier as refiners received less crude from key Opec producers Saudi Arabia and Iraq after an Opec deal to cut output, shipping data showed on Monday.
The jump meant Iran replaced regional rival Iraq as India’s second-biggest oil supplier a role Tehran used to occupy before Western sanctions were imposed against it over the country’s disputed nuclear programme.
While Saudi Arabia remained the biggest oil supplier to India, ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts showed imports from Iran rose to 647,000 barrels per day (bpd) in February . That was 16.7% more than January , and almost trebled from February 2016. The Organization of the Petroleum Exporting Countries (Opec) pledged to curb production by about 1.2 million bpd from Jan. 1, the first cut in eight years, in a move designed to boost prices and drain a supply glut. Iran, Libya and Nigeria were, however, granted exemptions from the deal.
In the first 11 months of this fiscal year, between April and February , India imported about 542,400 bpd from Iran, compared to about 225,522 bpd for the same period a year ago. Average oil volumes supplied by Iran over this period were the highest on record. Read More…
Credit By : Economictimes.indiatimes.com
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