Major Leap in India’s Oil Imports from Iran in March: Report

News ID: 1373647 Service: Economy
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TEHRAN (Tasnim) – India’s oil imports from Iran witnessed a 115-percent rise in March compared to the same period last year, a report said.

Indian refiners, including Reliance Industries, shipped in about 541,000 bpd of Iranian oil in the fiscal year to March, a growth of about 115 percent over the previous year, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research and Forecasts showed.

Compared to the previous month, India imported 18.7 percent less oil from Iran in March at about 526,000 bpd oil. Volumes were however 4 percent higher than a year ago.

Overall, India's oil imports rose 4.7 percent in March from the previous month and by about 4.9 percent from a year ago, the report added.

Reliance Industries, Hindustan Petroleum, Bharat Petroleum and HPCL-Mittal Energy Ltd (HMEL) were among Indian refiners that resumed imports from Tehran following the removal of anti-Tehran sanctions.

The sanctions were terminated after Tehran and the Group 5+1 (Russia, China, the US, Britain, France, and Germany) on July 14, 2015, finalized a lasting nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) and implemented it on January 16, 2016.

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