In comparison to May, the refiners of
Indian origin have ordered about 12 percent less Iranian oil in the month of
June as U.S. stated that it would reintroduce sanctions on Iran. However, the
sales are 50 percent higher than a year ago. After China, Indian refiners are
the top oil client of Iran. They are trying to weaning themselves away as the
U.S. pulled out of the 2015 nuclear deal.
On August 6, the first set of sanctions will
take place followed by 180 day winding down period in the petroleum sector,
which will end on Nov. 4. Oil Minister
DharmendraPradhan stated in the lower house of parliament that refiners in
India have bought around 664,000 barrels per day (bpd) of Iranian oil in June.
They have represented a fall from the
previous month with higher purchases as compare to year ago.Pradhan also
stated, “Indian refineries imported 1.9 million tonnes of crude oil from Iran
in June 2017 and placed orders for 2.82 million tonnes in June 2018.”
Due to a row over the development rights of
a giant gas field, India's state-refiners, have approximately 60 percent of the
nation's overall 5 million bpd capacity, curbed Iranian imports in 2017/18.
After Iran offered free shipping and an
extended credit period of 60 days, the state refiners raised imports in the
current fiscal year starting in April. To the Indian stated refiners, Iran
became the second biggest oil supplier after Iraq in the April to June period.
However, India has warned about a drastic cut in imports from the OPEC member.
In the month of April to June 2018, India
loaded about 715,600 bpd oil from Tehran. This is almost a growth of about 45
percent from the previous quarter, as the data shown in parliament. According
to the tanker arrival data, there is decline of about 16 percent in the monthly
oil imports of India from Iran. However, Iran has now offered to insure oil
cargoes to India after some insurers stopped providing the service in the face
of the impending sanctions.
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