• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 10 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 4 hours Socialists want to exorcise the O&G demon by 2030
  • 1 hour Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 3 hours UK, Stay in EU, Says Tusk
  • 1 day Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 1 day Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 2 days Conspiracy - Theory versus Reality
  • 3 hours How Is Greenland Dealing With Climate Change?
  • 2 days Chevron to Boost Spend on Quick-Return Projects
  • 1 day Maritime Act of 2020 and pending carbon tax effects
  • 2 days U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 2 days Regular Gas dropped to $2.21 per gallon today
Global Automakers To Spend $300 Billion On EVs In 10 Years

Global Automakers To Spend $300 Billion On EVs In 10 Years

Despite collapsing global automobile sales,…

India’s Oil Imports From Iran Jump To Record-High In July

Oil tanker

Ahead of the return of the U.S. sanctions on Iran, India’s state refiners boosted their Iranian oil purchases, pushing up Indian oil imports from Iran by 30 percent from June, to a record 768,000 bpd in July, Reuters reported on Thursday, citing preliminary tanker arrival data it had obtained from trade sources.

The arrivals included some crude oil shipments loaded in June that docked in India in July. State-run refiners accounted for around four-fifths of India’s oil imports from Iran.

India’s oil imports from Iran last month soared by 85 percent from the 415,000 bpd shipments in July 2017, according to the data obtained by Reuters.

This time last year, Indian refiners had slashed imports from Iran in a possible retaliation for Tehran not awarding the development of a gas field in Iran to Indian firms.

But as the new Indian fiscal year began in April, refiners have been taking more Iranian oil imports compared to the previous fiscal year, as Iran offered incentives such as extended credit periods and almost free shipping to keep its market share in India—Tehran’s second-largest oil customer after China.

Iran is also said to have started to offer India cargo insurance and tankers operated by Iranian companies as some Indian insurers have refused to cover oil cargoes from Iran in the face of the returning U.S. sanctions on Tehran.

Related: Russia’s High Risk Global Oil Strategy

Last week, Hindustan Petroleum was said to have cancelled a crude oil shipment from Iran after its insurer refused to provide coverage for the cargo on concern about U.S. sanctions.

India’s imports from Iran could start to slow from August as some big Indian refiners worry that their access to the U.S. financial system could be cut off if they continue to import Iranian oil, prompting them to reduce oil purchases from Tehran.

HPCL, for example, will not be buying oil from Iran in August, chairman M. K. Surana told Reuters earlier this week, but did not elaborate on whether the refiner would resume importing Iranian oil after that.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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