India's oil imports from Iran up 5%

15 Avril, 2019, 04:09 | Auteur: Auguste Feret
  • Crude oil       Reuters

Malta-flagged Iranian crude oil supertanker "Delvar" is seen anchored off Singapore March 1, 2012.

USA sanctions on oil from Venezuela and Iran have played into Russia's hands on energy policy, according to a new analysis that found that refiners have turned to Russian exports to fill the gaps, The Hill writes in an article "Europe turning to Russia for oil amid United States sanctions on Venezuela, Iran: report". Reuters reported Friday that us sanctions on oil from the two countries has led to a global shortage of "sour" oils, described as heavier than oil produced from countries such as the usa, which is experiencing record oil production of variants described as lighter and sweeter than its Russian, Venezuelan or Iranian competition.

According to the data obtained by Reuters, India's imports of Iranian oil jumped to 405,000 bpd in March 2019, up by 56 percent from February 2019. March volumes were however about 6 percent lower than the purchase in the same month a year earlier.

Iran was hoping to sell more than 500,000 bpd of oil to India in 2018/19, its oil minister Bijan Zanganeh said past year, and had offered nearly free shipping and an extended credit period to boost sales to the country. Another major reason for increased Indian buying of Iranian oil before November was that Iran was offering very attractive terms to Indian buyers, including nearly free shipping and an extended credit period for payment.

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Government sources say Reuters' calculations showing India's oil imports from Iran in this fiscal year would be higher than the 452,000 bpd, or 22.6 million tonnes, it imported in the previous year, were correct.

The sources declined to be identified as they were not authorized to speak with media.

Indian refiners have not yet placed orders to lift Iranian oil in May pending clarity on whether Washington will extend a the sanctions waiver. Flows to China averaged 627,710 bpd last month from levels of 571,464 bpd in February.

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