• Tue / 25 September 2018 / 15:53
  • Category: Economy
  • News Code: 97070301965
  • Journalist : 71477

India’s crude oil imports from Iran jumpe 44 per cent in August

صادرات نفت ایران

Tehran (ISNA) - India’s crude oil imports from Iran jumped a whopping 43.72 per cent to 2.07 Million Tonne (MT) in August this year.

India is among the largest importers of Iranian crude oil and the jump in imports comes amid increasing pressure from the United States on Iran’s oil customers to cut purchases.

Cumulatively, oil imports by India from Iran in the first five months (April to August) of the current financial year increased 43.69 per cent to 13.32 MT as compared to 9.26 MT imported in the corresponding period a year ago, fresh data sourced from the Directorate General of Commercial Intelligence and Statistics (DGCIS), an arm of the ministry of commerce and industries showed.

In value terms, India imported $1.08 billion worth of crude oil from Iran in August alone, as compared to $0.52 billion worth of crude imported in the corresponding month last year. India's oil import from Iran in value terms during the five month period doubled to $6.82 billion from $3.27 billion worth of imports in the corresponding period last year.

US had in May walked out of the Joint Comprehensive Plan of Action (JCPOA) with Iran and re-imposed economic sanctions on the country. The sanctions prohibit other nations to enter into new contracts with Iran immediately and provide a six-month period ending 4 November to wind-down existing commitments with the country, especially with Iranian oil companies, ETEnergyworld reported.

Economic Times had last week reported Indian refiners will pay for oil from Iran in Rupee, using UCO Bank and IDBI Bank channels, beginning 4 November when petroleum-related sanctions against the Islamic Republic take effect.

Iran’s petroleum minister Bijan Zanganeh said removing Iran’s oil from the market was not a possibility in the mid-term and USA’s plans of bringing Iran’s oil exports to zero in the short term, even for a month, will not happen, according to that nation’s news agency SHANA.

Zanganeh added that some countries have lowered their oil import from Iran following US pullout of the JCPOA in May, but no country other than South Korea have stopped imports from Iran since then.

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