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India becomes second Iranian oil customer

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Staff writer ▼ | June 28, 2016
Iranian crude oil exports to India stood at 505,000 bpd in March 2016 up by 290,000 bpd compared to the preceding period.
Iranian oil
Energy transport   Saudi Arabia ranked first in oil exporting
India regularly bought about 20% of Iranian oil exports in the sanctions era with an average of 200,000 bpd.

As an important achievement in developing activities in regional markets for Iran in post-sanctions era, India increased purchase of Iranian crude oil after the implementation of JCPOA.

Essar Oil company was the biggest Indian importer of Iranian oil and Mangalore Refinery and Petrochemicals Limited ranked second in March, 2016.

Having no deal for six years, Reliance Industries Limited resumed ties with Foroozan Oil Field in buying oil condensates shipments.

OPEC Affairs and Energy Forum Office said that India's crude oil imports reached 4,350,000 bpd in the first three months of 2016 which increased to about 500,000 bpd compared to the preceding period.

Meanwhile, Indian monthly imports fell down to the average of 4,310,000 bpd compared to 670,000 bpd in February.

Supplying over 500,000 barrels crude oil for India, Iran ranked the third supplier after Saudi Arabia and Iraq.

Among oil exporters to India, Saudi Arabia ranked first exporting about 850,000 bpd in March while crude oil exports from Iraq fell down by 250,000 bpd and stood at 658,000 barrels compared to preceding month.

At the beginning of JCPOA Implementation in January 2016, Iran with supplying 6.3% of India crude oil stood in the sixth place.