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India looks for alternatives to Iran to meet its crude oil requirements

2019/05/10 12:00

 

By Kamlesh Trivedi

 

India has continued to reduce its crude oil import from Iran, following the US government’s decision to cancel a waiver from sanctions granted to eight countries, including India. The Indian oil minister last month announced that India plans to increase imports from major oil producing nations other than Iran. India has apparently agreed to bring down crude oil import from Iran to zero. Following the revocation of the US waiver, any country violating the ban from May 1 would face US sanctions.

The Indian oil minister had said that the government has put in place a robust plan for adequate supply of crude oil to Indian refineries. Additional oil supplies from other major oil producing countries have been arranged to meet the oil demand from Indian refineries. Indian refiners had started reducing import from Iran from late March and continued to reduce it during April. Indian oil import from Iran was reduced by around 57% in April on a year-on-year basis. India's overall imports from Iran during the first quarter of 2019 between January to April 2019 fell nearly 45 per cent to 304,500 bpd compared with 552,000 bpd a year ago.

India received the sanctions waiver last November and since then only state-run Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum and Mangalore Refinery and Petrochemicals had been buying Iranian oil.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

India : Energy Desk  Kamlesh Trivedi  +91-98795-50717
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