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Oil Prices Lag Despite Early OPEC Cuts

Oil Prices Lag Despite Early OPEC Cuts

OPEC already started cutting crude…

India's Esser Oil Increases Iranian Imports

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



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