• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 27 mins The 5 Scary New Rules Of Upside-Down Capitalism
  • 3 hours Hydrogen Hurdles in Japan
  • 6 hours Winter Storms Hitting Continental US
  • 8 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 1 day More dumbed down? re Hong Kong Act of Congress
  • 19 hours PennEast Appealing Wacky 3rd Circuit Decision to Supreme Court
  • 21 hours Impeachment S**te
  • 2 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 1 day Petroleum Industry Domain Names
  • 19 hours Contaminated Oil
  • 19 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 day U.S. Shale Output may Start Dropping Next Year
  • 16 hours Aramco IPO magic trick
  • 1 day Crazy Stories From Round The World
  • 19 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
U.S. Shale Producers Slash Spending Once Again

U.S. Shale Producers Slash Spending Once Again

US shale producers are cutting…

All Eyes On OPEC As Another Oil Glut Looms

All Eyes On OPEC As Another Oil Glut Looms

As its semi-annual meeting nears,…

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
Download on the App Store Get it on Google Play