India's oil imports from Iran down 57 pct y/y in April - trade
India's oil imports from Iran fell about 57 percent
year-on-year in April, according to tanker arrival data, the
last month when New Delhi was allowed to load Iranian oil ahead of US sanctions
stopping purchases of oil from the OPEC member.
India, Iran's top oil client after China, shipped in about
277,600 barrels per day (bpd) of oil from Tehran in April, down about 31.5
percent from the previous month, preliminary tanker arrival data from shipping
and industry sources showed.
The United States introduced sanctions in November but gave
a six-month waiver to eight nations, including India, which allowed them to
import some Iranian oil.
India was allowed to buy an average 300,000 bpd of oil during
November-April, but actual volumes varied from month to month due to lack of
ships after foreign shipping lines backed out of Iranian deals under pressure
from US sanctions.
In April, Washington asked buyers of Iranian oil, mostly in
Asia, to halt purchases or face sanctions.
India is scheduled to get two very large crude carriers
carrying 4 million barrels of Iranian oil this month - one each at Paradip in
the east and Kochi in the west. The two vessels were loaded in April.
Since November, when India received the sanctions waiver,
only state-run Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum and
Mangalore Refinery and Petrochemicals have been buying Iranian oil.
India's overall imports from Iran in January to April 2019
fell nearly 45 percent to 304,500 bpd compared with 552,000 bpd a year ago, the
data showed.
The sources declined to be identified as they were not
authorized to speak with media.