Iran oil imports drop by 57% yoy in April

According to data on tanker arrivals viewed by Reuters, India’s imports of oil from Iran dropped by 57% year-on-year in April 2019.

Average oil imports from Iran were at 277,600 barrels per day (bpd) in April, which was also a decline of 31.5% as compared to the previous month. India is the second largest export market for Iranian oil. Imports of petroleum oils and oils from bituminous minerals, crude from Iran was recorded at US$ 12.95 billion in 2018, growing by 40.5% yoy. During January-April, 2019, Indi’s imports from Iran have dropped sharply by around 45% YoY to 304,500 bpd.

When the US issued sanctions, it had granted a 6-month waiver, which allowed India to import an average of 300,000 bpd of oil per day. However, the actual import varied due to logistical issues, especially since foreign shipping lines refused to participate in deals involving Iran over the fear of sanctions. Since November, only public sector units – Indian Oil, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery & Petrochemicals have been purchasing Iranian oil.