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India's oil purchase from Iran up 67% in 7 months

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Staff Writer | August 15, 2016
India's purchase of Iranian crude in the first seven months of 2016 reached 359,000 bpd on the average, showing about 67 percent increase compared to the figure in the same period the year before.
India Iranian oil
Oil trade   India has increased the amount
As second major purchase of Iranian crude in the sanctions and post-sanctions era, India has increased the amount of its oil imports from the country.

The country's about $6.5 billion dollar debt to Iran serves as a major obstacle to the promotion of bilateral oil exchanges and re-payment of the debt has started after removal of the banking problems.

After the JCPOA, certain Indian companies and refineries voiced willingness to buy Iranian oil and they signed contracts to that end.

The OPEC Affairs and Relations with Energy Associations Department at Ministry of Petroleum said India's oil imports from Iran reached its highest level in the past five months in July 2016.

Based on information released on tanker transportation, India's average crude imports from Iran in the month reached 461,000 barrels per day, showing about 21 percent increase compared to that in June.

It shows more than two-fold rise compared to the figure in the corresponding period the year before.