Major Leap in India’s Essar Oil Imports from Iran in May

TEHRAN (Tasnim) – Oil imports of India's Essar Oil from Iran witnessed a 49.7 rise in May compared to the same period last year, a new report said.

Major Leap in India’s Essar Oil Imports from Iran in May

According to tanker arrival data obtained from trade sources and ship-tracking services on the Thomson Reuters terminal, Essar shipped in about 187,300 barrels per day (bpd) of oil from Iran last month, an increase of about 4.6 percent from April.

In the first 5 months of 2016, the top Indian buyer of Iranian crude imported 149,500 bpd compared with 76,000 bpd of a year ago.

Iran's share in overall imports by Essar Oil in the January-May period rose to 41 percent from about 23 percent in the year-ago period.

According to reports, India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after a lasting nuclear deal between Tehran and world powers.

The sanctions were lifted after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached an agreement on Iran’s peaceful nuclear program and started implementing it on January 16.

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