The latest market figures show that Indias imports of crude oil from Iran in July rose by over a fifth from June a yet another indication that Tehrans oil plans to boost exports in a post-sanctions era are moving ahead smoothly.
Figures released by Reuters show that India imports of oil from Iran in July reached as high as 461,000 barrels per day (bpd). The volume is the highest in five months as Indian key refiners started shipments from Iran after a hiatus of multiple years.
India's oil imports from Iran for the fiscal year that began in April are set to surge to a seven-year high, with the nation's state-owned and private refiners together buying at least 400,000 bpd, Reuters added.
For the first seven months of 2016, India imported about 359,000 bpd of Iranian oil, up 67 percent from the same period a year ago, the data also showed.
India is one of the biggest clients of Iranian crude. Indian refiners shipped in 14.4% more oil from Iran at about 251,100 barrels per day (bpd) in the 2015/2016 fiscal year, which was the largest since the 2007/08 fiscal year.
New Delhis imports of crude oil from Iran were plagued by a draconian regime of US-engineered sanctions against the Islamic Republic as well as the implications that subsequently undermined banking transactions with Iran.
The removal of the sanctions against Iran in January eventually opened certain channels for the countrys trade partners including India to transfer cash to the country.
The same channel that presently involves paying in euroes to Iran through the State Bank of India and Europaeisch-Iranische Handelsbank AG (EIH) which is based in Germany has already been used to clear debts by Indian refiners to Tehran for previous purchases of oil.
By Press TV
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