• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 26 mins America's pandemic dead deserve accountability after Birx disclosure
  • 1 day Fukushima
  • 6 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 17 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 6 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 1 day Biden about to face first real test. Russia building up military on Ukraine border.
  • 1 day Joe Biden's Presidency
  • 9 hours New Chinese Coal Plants Equal All those in U.S.A
  • 4 days Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 4 days The coming Cyber Attack
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

India Cuts Iranian Crude Oil Imports Over Gas Field Snub

India has been cutting imports of Iranian crude oil, making good on its promise to reduce imports by around 20 percent this fiscal year ending March 2018, in a possible retaliation for Tehran not awarding the development of a gas field in Iran to Indian firms.

According to ship tracking data from sources and data compiled by Thomson Reuters Oil Research & Forecasts, India’s oil imports from Iran dropped by 16.3 percent in July from June, to 414,900 bpd. Compared to July last year, India’s crude imports from the Islamic Republic plunged by 20.7 percent, Thomson Reuters Oil Research & Forecasts data show.

At the end of May, Iran’s Oil Minister Bijan Zanganeh said that Tehran had signed an initial agreement with Russia’s gas giant Gazprom for the development of the Farzad B gas field, in what was the latest episode of the saga over the field which Tehran had been taking its time to award to an Indian consortium.

In August, India’s crude imports from Iran are expected to further drop, by 25 percent month on month, to 310,000 bpd, Reuters reported, citing sources with knowledge of the loading schedules. While Iran’s exports to India are seen down to their lowest level since February 2016—just after many Western sanctions on Iran’s oil were lifted—Iran’s sales to China are seen up this month to their highest in 11 months after Tehran cut prices and demand for its heavier grades increased, according to Reuters.

Related: Natural Gas Prices Poised To Rise As Exports Boom

In India’s oil imports in July, Iraq emerged as the biggest winner as India was replacing part of Iranian, Venezuelan, and UAE imports with Iraqi ones, Thomson Reuters Oil Research & Forecasts show.

India’s imports from Iraq jumped by 31.5 percent month on month in July to 954,400 bpd, and Iraq was India’s top oil provider for a fourth consecutive month. Second was Saudi Arabia, whose exports to India jumped by 34.1 percent from June, to stand at 888,400 bpd in July.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Priyank on August 24 2017 said:
    I hope India continues to reduce oil imports from Iran so that it is reduced to negligible amounts. They seem to be forgetting their friends after the sanctions were lifted.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News