India’s oil imports from Iran jump in June

More indications have appeared to show that India is increasing its imports of crude oil from Iran after disputes between the two countries over settling outstanding debts from previous purchases have been resolved. 

Shipping data provided by Reuters show that India’s Iran oil imports rose about 39 percent in June year on year.

In the first half of 2016 India’s Iran oil imports surged by about 58 percent to about 342,000 barrels per day (bpd), Reuters has quoted tanker data as showing, in comparison with 216,500 bpd in the same period last year.

Indian refiners took in about 381,500 barrels per day (bpd) of Iranian oil in June, the data showed.

The June shipments were about 0.6 percent higher from Iranian volumes in May, the data showed. In June last year India shipped in about 274,800 bpd oil from Iran.

India’s oil imports from Iran are set to surge to a seven-year high in the year that began April 1, with the nation’s state-owned and private refiners together buying at least 400,000 bpd.

Private refiner, Essar Oil, was the top Indian client of Iran in June, importing about 180,600 bpd. Previous reports said it had imported 187,300 barrels per day (bpd) of oil from Iran in May – a figure that was 49.7 percent higher than the same period last year.

As for June imports, Essar was followed by Mangalore Refinery and Petrochemicals Ltd with about 69,000 bpd, and Reliance Industries Ltd with about 64,000 bpd.

Indian Oil Corp, the country’s biggest refiner, imported about 32,000 bpd, the shipping and terminal data showed.

By Press TV