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India's Iran Oil Imports Slump

India's Iran Oil Imports SlumpIndia's Iran Oil Imports Slump

India's oil imports from Iran fell 27% to a five-month low in August from a high base last year and ahead of a planned shutdown by two refineries. According to ship tracking data and a report compiled by Reuters Oil Research and Forecasts, the country shipped in about 198,800 barrels per day of Iran oil in August, down 7.7% from July, the data showed.  Despite the drop, India is still expected to raise imports, as sanctions against the OPEC country ease. Iran was India's second-biggest oil supplier in the fiscal year to March 31, 2007, but it slipped to seventh by last fiscal year as sanctions bit. India, the world's fourth-biggest oil consumer and Tehran's top client after China, bought 21% less Iranian oil at 214,100 bpd in the first eight months of this year, the data showed.

 

Financialtribune.com