Despite the uncertainty in reaching a final agreement on Tehran’s nuclear program, data obtained from trade sources show India has upped its Iranian oil import to 60 percent in October than a year ago.
According to a report by Reuters, India, Iran's top oil client after China, imported about 309,900 barrels per day (bpd) of crude in October from Iran, the highest since March and up 28 percent from September.
With an interim agreement that eased Western sanctions, India's oil imports from Iran rose about 40 percent over January-October.
Growth in Iranian oil imports this year was also due to a bounce off the low base of last year, when shipments were hit hard due to insurance problems triggered by the sanctions, particularly over the April-August period.
The obtained data showed that Iran's share of Indian oil imports was about 7.2 percent in the first ten months of this year compared with 4.9 percent last year.
Any agreement in Iran and G5+1 nuclear talks would likely be followed by a rapid increase in Iran's oil exports.
MS
MNA
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