India's December oil imports from Iran were the highest in six months.
India's 2015 Iran oil imports fall by a quarter
NEW DELHI, January 7, 2016
India's oil imports from Iran fell by about a quarter in 2015 as refiners slowed purchases early in the year to keep imports within the limits of sanctions, preliminary tanker arrival data obtained by Reuters shows.
Western sanctions against Iran's controversial nuclear programme limit the Gulf country's oil exports to 1-1.1 million barrels per day (bpd), with buyers such as India curbing annual purchases to 220,000 bpd.
The annual decline came as imports in December surged nearly 70 percent from the previous month to 233,100 barrels per day (bpd), but were still down by a third from a year ago, according to the data and a report compiled by Thomson Reuters Oil Research and Forecasts.
India's December oil imports from Iran were the highest in six months.
Asian imports of Iranian oil have fallen as most of Iran's biggest crude buyers held off from increasing purchases after a July agreement that would grant relief to Iran from sanctions early this year if it curbs its nuclear programme.
India, Iran's biggest oil client after China, shipped in 208,300 bpd of oil and condensate in calendar 2015 compared with 276,800 bpd in 2014, the data showed.
New Delhi's imports of oil from Iran are expected to rise in the next fiscal year, beginning in April, when western sanctions are expected to be eased against Tehran.
Tehran was India's seventh-biggest supplier of oil in the 2014/15 fiscal year, down from the No. 2 spot before sanctions.
A drop in purchases of Iranian oil helped boost exports to India by rival producers Saudi Arabia and Iraq.
Indian refiners, including Reliance Industries, have shown interest in raising imports from Iran, Mohsen Qamsari, director general for international affairs of the National Iranian Oil Company (NIOC), told Reuters.
Reliance, which operates the world's biggest refining complex in India, halted imports of Iranian oil in 2010 under pressure from sanctions. --Reuters
