News ID: 235793
Published: 0343 GMT December 14, 2018

India's imports of Iranian crude at 276,000 bpd in November

India's imports of Iranian crude at 276,000 bpd in November

In November, India imported about 276,000 bpd of Iranian oil, about four percent more than the same month a year ago, according to ship tracking data obtained from shipping and trade sources.

India's oil imports from Iran in November, included some parcels that were loaded in October, Reuters reported

"Iran does not have vessels to export oil on time ... some November loading vessels will arrive in December," said an industry source, with knowledge of the matter.

India is relying on Iranian tankers for crude imports and Iran is using many of its vessels for crude storage.

Indian refiners boosted imports from Iran taking in an average of about 563,000 bpd in April-November — a growth of about 32 percent from a low base in the previous fiscal year, the data showed.

In the fiscal year to March 2018, India cut oil imports from Iran due to a dispute over development rights of a giant gas field.

Iran was hoping to sell more than 500,000 bpd of oil to India in 2018-19, Oil Minister Bijan Namdar Zanganeh said in February, and had offered almost free shipping and an extended credit period to boost sales to India.

Government sources say Reuters' calculations showing India's oil imports from Iran in this fiscal year would be higher than the 452,000 bpd, or 22.6 million tons, it imported in the previous year, are correct.

During January-November this year India's oil imports from Iran rose by an annual 18.4 percent to 552,000 bpd, the data showed.

   
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