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Essar Raises Iran Oil Imports
Essar Raises Iran Oil Imports

Essar Raises Iran Oil Imports

Essar Raises Iran Oil Imports

Essar Oil, Iran's key Indian client, doubled oil imports from Iran in 2016/17 to about 239,000 barrels per day as it stepped up shipments after sanctions against Tehran were lifted, according to tanker arrival data obtained from trade sources and ship-tracking services on the Thomson Reuters terminal. Essar shipped in about 91,000 bpd of oil from Iran last month, a decline of about 63% from February, the data showed, as it diversified its crude basket, Reuters reported. In the last fiscal year, Indian refiners' oil imports from Iran topped a half-a-million-bpd mark. The South Asian nation imported 541,000 bpd oil from Iran, the data showed. Iran's crude oil traded above $53 a barrel in the week to April 14, reflecting the global confidence in a pact between OPEC and non-OPEC producers to slash supplies to boost flagging oil prices.

 

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