India’s oil imports from Iran fell by 41 percent in December to 302,000 barrels per day oil (bpd), ship tracking data reviewed by Reuters showed, as pressure from US sanctions took effect.
The US introduced tough sanctions aimed at crippling Iran’s oil revenue-dependent economy in November but gave a six-month waiver to eight nations, including India, which allowed them to import some Iranian oil.
India is restricted to buying 1.25 million tonnes per month, some 300,000 bpd.
In 2018 India shipped about 13 percent more oil from Iran.
According to Reuters, December imports from Iran were 9.4 percent higher than November when some cargoes were delayed due to lack of ships, the tanker arrival data showed.
Iran was the sixth biggest oil supplier to India in December compared to third position it held a year ago and last month Tehran’s share of India’s overall imports declined to 6.2 percent from 11.7 percent a year ago, the data showed.
Government sources say Reuters’ calculations showing India’s oil imports from Iran in this fiscal year would be higher than the 452,000 bpd, or 22.6 million tonnes, it imported in the previous year, are correct.
In April-December 2018, the first 9 months of this fiscal year, India’s oil imports from Iran averaged about 533,800 bpd, up about 22 percent from a year ago, the data showed.
India’s total oil imports in December were about 4.9 bpd, up about 15 percent from a year ago, the data showed.
