India import of Iran oil down in Jan.
India cut its imports of Iranian oil in January in line with the government order which coincided with the US president’s visit to New Delhi.
Indian refiners imported 21.5 percent less Iranian oil than the previous month. The imports of 273,000 barrels per day (bpd) were about a third less than a year ago.
The cut was reportedly in line with a policy to bring imports from Iran in line with 2013 levels.
Iran’s oil exports are subject to US-led sanctions and Asian buyers must maintain purchases at levels not topping 1.1 million bpd all in all.
India is Iran’s second biggest client after China and has taken 252,500 bpd of Iranian oil in the first 10 months of the current fiscal year, according to data cited by Reuters.
The imports were up a quarter from the same period a year ago, which came as Iran and world powers worked to hammer out a deal over the Islamic Republic’s nuclear program.
Last month, however, the Indian government ordered refiners to take less Iranian oil and energy experts said the request had very much to do with US pressure.
Oil purchases from Iran were reportedly discussed in talks with President Barack Obama when he visited New Delhi.
Iran is the seventh largest crude supplier of India, accounting for 6.6 percent of the country’s oil imports.
Essar Oill is the biggest purchaser of Iranian oil. Other Indian buyers are Mangalore Refinery, Petrochemicals Ltd and Indian Oil Corp.
Iran’s biggest oil client is China which has increased oil imports from the country by 30% over the last year.
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