India’s privately owned Esser Oil has reportedly increased imports of Iranian oil by one-third in July and has renewed its deal with Iran for the purchase of 100,000 bdp in 2012-2013.
Despite the new deal with Iran, the company, which operates as a private refinery, said it would cut Iranian imports by 15% in accordance with a government directive.
Since April this year, Esser Oil has imported over 100,000 bpd from Iran, at a time when India’s overall imports of Iranian oil fell by more than 40% in July, with the onset of new US sanctions and the European Union’s decision to implement its own sanctions on 1 July.
China and India are Iran’s largest clients.
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com