Oil imports from Iran down

GN Bureau | December 7, 2015



India's oil imports from Iran fell for the fourth straight month in November to touch an eight-month low, preliminary tanker arrival data obtained by Reuters shows, as its two biggest buyers cut purchases to meet annual targets.

Western sanctions against Iran's controversial nuclear programme limits the Gulf country's oil exports to 1-1.1 million barrels per day (bpd), with buyers such as India curbing annual purchases to 220,000 bpd.

But India, the world's fourth biggest oil consumer, has been stepping up purchases of cheaper crude from regions including the Asia-Pacific and Latin America.
 
In the first eight months of the current fiscal year that began in April imports are down by about 1 percent at 235,400 bpd.

Previously OPEC's No. 2 producer, Iran is now trying to recoup market share lost due to the sanctions and has extended crude deals with the top two Chinese buyers into 2016 while initiating talks with other potential buyers.

Asian imports of Iranian oil fell to the lowest level in two years in October as most of Iran's biggest crude buyers held off from increasing purchases after a July agreement that would grant relief to Iran from sanctions early next year if it curbs its nuclear programme.

Comments

 

Other News

Jewar airport: Turbulence on the ground

Ranveer Singh, a 78-year-old resident of Mukeempur Shivara village in the Jewar area, knows exactly what he wants in return for giving up his land for the international airport that is being planned there: four to five times the present circle rate, Rs 20 lakh for rehabilitation, a government job for at le

Does the Indian economy now need a fiscal stimulus?

Does the Indian economy now need a fiscal stimulus?

Rise of Nirmala Sitharaman, plight of Baiga women and more from the week gone by

Today, Nirmala Sitharaman, India’s first woman full-time defence minister, may appear a picture of poise and confidence. But 11 years ago, she wasn’t even sure if she should join the Bharatiya Janata Party (BJP), which has allowed her political career – and, of course, her abilities &ndas

Modi’s gift to Varanasi: Projects worth Rs 1,000 crore

On his first visit to Varanasi after the Uttar Pradesh polls, PM Modi announced and laid foundation stones of various projects on Friday and Saturday. Addressing a public meeting in Varanasi on Saturday, PM Modi took took a jibe at the opposition saying that the BJP’s programmes are no

Indian Aviation Academy unveiled

Union minister for civil aviation, P Ashok Gajapathi Raju unveiled a new campus of the Indian Aviation Academy (IAA) spread over 5.33 acres. Civil aviation, secretary, R N Choubey said India is poised to attain its coveted place on global aviation arena as one among top three largest aviatio

BHEL surpasses 12th plan capacity addition target

Attributing enhanced focus on project execution as the reason behind Bharat Heavy Electricals Limited’s (BHEL) growth, the enterprise’s CMD Atul Sobti said BHEL achieved a capacity addition of 45,274 MW during the 12th five year plan period (2012-17) and surpassed the target of 41,661 MW by 9 p



Video

Falahari Maharaj arrested on rape charges

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter