• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 1 hour Socialists want to exorcise the O&G demon by 2030
  • 4 hours Russian Message: Oil Price War With U.S. Would Be Too Costly
  • 22 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 1 day Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 2 days Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 14 hours Oil CEOs See Market Rebalancing as Outlook Blurred by China Risk
  • 6 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 5 hours Cheermongering about O&G in 2019
  • 2 days North Sea Rocks Could Store Months Of Renewable Energy
  • 50 mins UK, Stay in EU, Says Tusk
  • 19 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 2 days Oceans "Under Fire" Of Plastic Trash
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

India’s Oil Imports From Iran Still Low Due To U.S. Sanctions

India fuel pump

Indian oil imports from Iran plunged by 41 percent on the year to just over 300,000 bpd in December, roughly around the level of Iranian oil India is restricted to buy under the U.S. waiver, allowing it to continue importing oil from Tehran, according to ship tracking data reviewed by Reuters.

Compared to November, India’s oil imports from Iran increased by 9.4 percent in December after some cargoes had been delayed in November due to lack of tankers, according to the data.

In November, India’s oil imports from Iran dropped to a one-year-low, plunging by 41 percent from October due to the U.S. sanctions on Tehran’s oil. Iran also dropped to sixth place on India’s largest oil suppliers list, from fourth in October, losing market share to fellow OPEC members Saudi Arabia, Iraq, and the United Arab Emirates (UAE).

In November, the month in which the U.S. sanctions snapped back, India’s oil imports from Iran averaged 276,000 bpd, as India had cut back significantly its allocations for November amid uncertainties over who might be getting a U.S. waiver to continue importing oil from Iran.

India did get a waiver, alongside seven other Iranian oil customers, including the single biggest, China. The waivers allow those eight countries to continue Iranian oil imports at reduced volumes until early May 2019. India’s allowed imports from Iran are about 300,000 bpd.

In November, Iran was only sixth among India’s top oil suppliers. Iraq and Saudi Arabia held the first two spots, while the UAE—sixth in October—moved up to third place, ousting Venezuela to fourth. Nigeria held onto its fifth position, but Iran moved from fourth in October to sixth in November, according to industry and ship-tracking data obtained by Reuters.

According to the December tanker tracking data reviewed by Reuters, Iran was India’s sixth largest oil supplier in December, too. In December 2017, Iran was the third biggest oil supplier to India. In December 2018, Iran’s market share in India’s oil imports plunged to 6.2 percent from 11.7 percent in December 2017, according to the tanker tracking data. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Jim Miceli on January 14 2019 said:
    I'd like to think that India is the primary economy to dump Chinese Goods and lhem buy the Oil from whoever at a premium price. The price of (WTI) is quite low and requires upside momentum by shutting in wells or capping new wells and suspending news floors until the supply drops off. Gold is steady as can be seen and no glitch out to 1350.00 plus. The precious metal has shown it's ability to sustain the rock and roll of Wall Street and we should pay less attention to Foreign Markets and let the money roll in.

Leave a comment

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