India’s Iran Oil Imports Rise 13.5% in May Versus April
TEHRAN (Tasnim) - Trade sources in energy market said India imported 13.5 percent more Iranian oil in May compared with April as the country's biggest refiner Indian Oil Corp resumed buying Iranian crude after a three-month break.
According to Reuters, India imported over 255,000 barrels per day (bpd) of Iranian oil last month.
Tehran was the sixth largest crude supplier to New Delhi in May, recovering from the eighth spot in April.
India in one of the biggest consumers of energy in Asia and counts on Iran for a part of its energy demands. India's intake of Iranian oil in January-May rose about 38 percent from the previous year as refiners ramped up imports in the first quarter to meet a target of buying 220,000 bpd crude from Tehran in the fiscal year that ended March 31, 2014.
India reduced its import of Iranian oil for the April-July period in 2013 due to insurance problems triggered by western sanctions. Early 2012, the US and the European Union imposed fresh sanctions against Iran. But since January 20, and based on an interim deal between Iran and the five permanent members of the United Nations Security Council plus Germany, the US and EU agreed not to impose fresh sanctions against Tehran in return for Tehran’s agreement to slowdown the Uranium enrichment process.
