India’s oil imports from Iran edge up in Sep.

TEHRAN, Oct. 12 (MNA) – Last month, India shipped in about 528,000 barrels per day (bpd) oil from Iran, about 1 percent more than the 523,000 bpd of August and about 27 percent more than a year earlier, tanker arrival data obtained from shipping and industry sources showed.

India’s September oil imports were also boosted by the import of 2 million barrels of Iranian oil by Reliance Industries Ltd, Reuters reported.

Iran continued to be the third biggest oil supplier to India in September, after Iraq and Saudi Arabia.

India, Iran’s top oil client after China, continued to trade with Iran when US sanctions were previously in force.

New Delhi wants to continue purchasing Iranian oil through this round of sanctions.

Indian refiners have already placed orders to buy 9 million barrels, or about 300,000 bpd, of Iranian oil in November.

Between April and September, the first half of India’s financial year, the country’s oil imports from Iran surged 40 percent to 627,000 bpd, tanker arrival data showed.

In January-September, India’s oil imports from Iran rose by 21 percent to 592,000 bpd, the data showed. India had reduced purchases from Tehran last year due to a dispute over development rights of a giant gas field.

The South Asian nation was hoping to lift significantly higher volumes in the current fiscal year, after Tehran offered a discount on shipping and an extended credit period, before the US decision on sanctions changed its plans.

LR/PR

News Code 138597

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