Indian refiners buy 502k bpd of Iranian crude in July

Shana — State and private Indian refining companies bought an average of 502,000 bpd of crude oil from Iran in July 2017, up by 83,000 bpd from June. .

Seven Indian buyers purchased crude volumes from Iran during the month.

The rise comes amid a row between Tehran and New Delhi over development of the giant Farzad B gas field.

India has repeatedly threatened to order Indian refiners to cut oil purchases from Iran in order to put pressure on Tehran to award development of the field to an Indian consortium.

In 2015 and 2016, Iran exported an average of 189,000 and 451,000 bpd of crude oil to India, respectively.

However, Iran’s crude exports have grown to 438,000 bpd since January 2017 .

Moreover, the number of Indian refiners buying Iranian oil has risen to 7 from 3 in the current year.