India's Iran oil imports rose
marginally in January compared to the previous month as Indian
refiners received full volumes from the key OPEC producers Saudi
Arabia and Iraq, shipping data showed on Wednesday.
Iran used to be India's second-biggest oil supplier, a
position which now belongs to regional-rival Iraq after tough
Western sanctions over its nuclear development programme limited
Tehran's exports and access to finance.
In January, Iran was the third biggest oil supplier to India
after Saudi Arabia and Iraq.
India's oil imports from Iran have risen sharply after those
sanctions were lifted a year ago.
In January, Iranian oil imports more than trebled compared
with the same month last year, rising to 554,600 barrels per day
(bpd), according to ship tracking data and a report compiled by
Thomson Reuters Oil Research and Forecasts.
In the first 10 months of this fiscal year, between April
and January, India imported 532,800 bpd from Iran, compared to
about 228,600 bpd for the same period a year ago. Average oil
volumes supplied by Iran in April-January are highest so far.
Indian refiners including Reliance Industries Ltd,
operator of the world's biggest refinery complex at Jamnagar,
that had stopped imports from Iran during the sanctions period,
have also returned as buyers of Iranian oil.
During January India's oil imports from Brazil surged to its
highest level since April 2015, while imports from Venezuela
plunged, almost matching the supplies received in August 2016.
Nigerian oil supplies, hit by militant attack on the African
nation's major Trans Forcados Pipeline, to India fell by 54
percent last month from a year ago. That forced key Indian
clients of Nigeria, mostly state-run companies, to turn to
Angola. Imports from Angola rose nearly 70 percent.