Exim News

India's crude oil import skid to lowest from Iran in November 2017

Reuters reported that India's refiners imported nearly half as much crude oil from Iran in November as the month before, ship tracking data showed, cutting purchases to a 21-month low in protest at Tehran's decision to award a giant gas field to a Russian company. India, the world's No. 3 crude oil consumer, received about 266,000 barrels per day (bpd) of oil from Iran last month, a decline of 43 percent from October and 55 percent from a year ago, according to a review of tanker arrival data from trade sources and numbers available on Thomson Reuters Eikon.
For the fiscal year to March 2018, Indian refiners have opted to order about a quarter less Iranian crude as Tehran decided to award development rights for its huge Farzad B gas field to Russian rivals instead of an Indian consortium that discovered the field.

According to the data, for April-November, the first eight months of this fiscal year, India shipped in 19 percent less Iranian oil at about 427,200 bpd. But India's oil imports from Iran will likely rise in December, as vessels holding about 4 million barrels of oil sailed from the Iranian ports in end-November and discharged cargoes in early December, the data showed.
Iran, facing the potential threat of further U.S. sanctions, has also cut oil prices in efforts to retain Asian customers and boost the appeal of its crude compared with other Middle Eastern supply.

Client Info