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.
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