• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 6 hours One Last Warning For The U.S. Shale Patch
  • 1 day Modular Nuclear Reactors
  • 1 day Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 11 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 2 days Chile Tests Floating Solar Farm
  • 9 hours Climate change's fingerprints are on U.S. Midwest floods
  • 2 hours Dutch Populists Shock the EU with Election Victory
  • 1 day Poll: Will Renewables Save the World?
  • 9 hours Telsa Sales in Europe
  • 28 mins 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 10 hours Read: OPEC THREATENED TO KILL US SHALE
  • 6 hours The Political Debacle: Brexit delayed
  • 2 days US-backed coup in Venezuela not so smooth
Oilfield Services Might Not Fully Recover Till 2025

Oilfield Services Might Not Fully Recover Till 2025

The global oilfield service sector’s…

What’s Keeping Oil From Rallying To $75?

What’s Keeping Oil From Rallying To $75?

Supply fundamentals in crude oil…

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