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India’s crude oil imports from Iran hit 14 month high in May

by ChemOrbis Editorial Team -
  • 04/06/2015 (13:57)
According to media reports, India’s crude oil imports from Iran hit their highest level since March 2014 in May. India, which is Iran’s second biggest oil buyer after China, imported 367,900 barrels per day (bpd) of Iranian crude in May, up 39% compared with the previous month, according to preliminary data from trade sources and a report compiled by Thomson Reuters Oil Research and Forecasts.

In March, the country reportedly did not import any oil from Iran for the first time in a decade due to US pressure to limit its purchases from Iran stemming from ongoing sanctions, which have not been lifted yet. Players are reportedly expecting Iran to reach a final deal with the P5+1 powers (the US, the UK, France, Germany, China and Russia) regarding its nuclear program at or around the June 30 deadline, although sanctions against the country might not be lifted for another year.

India’s Mangalore Refinery and Petrochemical imported about 207,400 bpd from Iran in May while Indian Oil Corporation, the country’s biggest refiner, shipped about 1 million bpd, the data showed. In the first two months of India’s fiscal year beginning in April, the country oil imports from Iran rose 42% to reach 316,800 bpd.
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