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