India’s oil imports from Iran during the 2017-18 fiscal year fell by 15.7% from a year ago, as state refiners reduced purchases after a row over development rights for an Iranian natural gas field, according to data from shipping and industry sources.
As the world’s third-biggest oil importer, India shipped in a record 4.46 million barrels per day of oil in the fiscal year that ended in March to feed its expanded refining capacity.
During the period, Indian refiners received about 458,000 bpd of oil from Iran, compared to about 543,500 bpd during the prior year, data showed. Indian state refiners, including Indian Oil Corp, Mangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum Corp and Bharat Petroleum Corp, along with it subsidiary Bharat Oman Refineries Ltd, lifted about 27% less oil from Iran, the data showed.
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