News / Economy

    India's April Iran Oil Imports Drop as Buying Spree Cools

    FILE - A worker walks atop a tanker wagon to check the freight level at an oil terminal on the outskirts of Kolkata, Nov. 27, 2013.
    FILE - A worker walks atop a tanker wagon to check the freight level at an oil terminal on the outskirts of Kolkata, Nov. 27, 2013.
    Reuters
    India cut its monthly Iranian crude imports by 42 percent in April from March, in a further sign that Asian oil buyers are reining in an early-2014 spree that took Tehran's exports well past levels allowed under an interim deal with the West.
     
    The six-month deal, implemented on Jan. 20, allowed Iran access to $4.2 billion in frozen oil funds and crude exports of about 1 million barrels per day (bpd) in exchange for Tehran taking steps to curb its nuclear program, which Western nations fear may be aimed at building a bomb.
     
    Six world powers and Iran launch three-day talks in Vienna on Wednesday, aiming to find a permanent resolution to the decade-old dispute over Tehran's nuclear work despite skepticism a final deal is possible.
     
    India, Iran's top client after China, shipped in about 225,000 bpd of the republic's oil in April, the lowest in four months, according to tanker arrival data obtained from trade sources and compiled by Thomson Reuters Oil Analytics.
     
    India's oil imports from Iran in April, the first month of new annual contracts with Tehran, nearly doubled from a year ago, the data showed. The imports in the first four months of 2014 surged 49 percent versus last year, the data also showed, with the biggest increases coming in the first quarter.
     
    India and other top buyers of Iranian oil - China, Japan and South Korea - let their purchases rise sharply in the first three months of the year, after the temporary deal easing some sanctions on Tehran went into effect in January.
     
    In March, Iran's top four clients - China, India, Japan and South Korea - imported 1.15 million bpd of Iranian crude and condensate, down from February's 1.37 million bpd, the highest aggregate imports in more than two years.
     
    That surge in the first quarter brought a private warning from the United States for India to hold its Iran oil buys to end-2013 levels of about 195,000 bpd, but there have been few signs of pressure on other buyers.
     
    U.S. officials have said they expect Iran's average daily exports to drop to 1 million bpd for the six months of the temporary deal by the time it expires on July 20.
     
    Tanker loading schedules that were seen by Reuters in April indicated that the imports by Iran's top clients should fall again in May.
     
    Essar Oil and Mangalore Refinery and Petrochemicals Ltd were the only two Indian refiners that purchased oil from Iran in April.
     
    State-run MRPL and Indian Oil Corp plan to keep their annual purchases from Iran at last year's levels of about 80,000 bpd and 25,000 bpd, officials at the companies said.
     
    Iran's share of Indian crude imports dropped to about 5.4 percent in April, the tanker arrival data showed. In comparison, Iran accounted for about 16.4 percent of India's oil imports in 2008/09 and 5.7 percent in 2013/14.
     
    Tehran was the eighth largest crude supplier to India in April, down from fourth in March and recovering from the 11th position a year ago, the tanker data showed.
     
    Overall, India imported about 4.15 million bpd in April, up about 4.4 percent from a year ago, the data showed.

    You May Like

    US Internet Giants, EU Reach Deal to Combat Online Hate Speech

    Facebook, Twitter, Google and Microsoft commit to ‘quickly and efficiently’ act to clamp down on use of social media to incite violence, terror

    Video Tunisia’s Ennahda Party Begins a New Political Chapter

    Party now moves to separate its political and religious activities; change described by party members as pragmatic response to political and economic challenges facing Tunisia today

    Virtual Reality Fine-tuned at Asia Tech Show

    Microchip designers hope to improve resolution for users of systems that can turn your bedroom into the ocean floor

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Tech Startups Showcase Wares at Amsterdam Conferencei
    X
    Serginho Roosblad
    May 30, 2016 5:11 PM
    More than 20,000 tech enthusiasts, entrepreneurs and lovers of digital technology came together in Amsterdam recently at the Next Web Conference to discuss the latest developments in digital technology, look to the future and, of course, to connect. In recent years, there has been an explosion of so-called startup businesses that have created devices and applications that have changed the way we live; but, as Serginho Roosblad reports for VOA, there are pitfalls for such startups as well.
    Video

    Video Tech Startups Showcase Wares at Amsterdam Conference

    More than 20,000 tech enthusiasts, entrepreneurs and lovers of digital technology came together in Amsterdam recently at the Next Web Conference to discuss the latest developments in digital technology, look to the future and, of course, to connect. In recent years, there has been an explosion of so-called startup businesses that have created devices and applications that have changed the way we live; but, as Serginho Roosblad reports for VOA, there are pitfalls for such startups as well.
    Video

    Video US Military's Fallen Honored With Flags

    Memorial Day is a long weekend for most Americans. For some, it is the unofficial start of summer -- local swimming pools open and outdoor grilling season begins. But Memorial Day remains true to its origins -- a day to remember the U.S. military's fallen.
    Video

    Video Rolling Thunder Rolls Into Washington

    The Rolling Thunder caravan of motorcycles rolled into Washington Sunday, to support the U.S. military on the country's Memorial Day weekend
    Video

    Video A New Reading Program Pairs Kids with Dogs

    Dogs, it is said, are man's best friend. What some researchers have discovered is that they can also be a friend to a struggling reader. A group called Intermountain Therapy Animals trains dogs to help all kinds of kids with reading problems — from those with special needs to those for whom English is a second language. Faiza Elmasry has more on the New York chapter of R.E.A.D., or Reading Education Assistance Dogs, in this piece narrated by Faith Lapidus.
    Video

    Video Fan Base Grows for Fictional Wyoming Sheriff Longmire

    Around the world, the most enduring symbol of the U.S. is that of the cowboy. A very small percentage of Americans live in Western rural areas, and fewer still are cowboys. But the fascination with the American West is kept alive by such cultural offerings as “Longmire,” a series of books and TV episodes about a fictional Wyoming sheriff. VOA’s Greg Flakus recently spoke with Longmire’s creator, Craig Johnson, and filed this report from Houston.
    Video

    Video Chinese-Americans Heart Trump, Bucking National Trend

    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Reactions to Trump's Success Polarized Abroad

    What seemed impossible less than a year ago is now almost a certainty. New York real estate mogul Donald Trump has won the number of delegates needed to secure the Republican presidential nomination. The prospect has sparked as much controversy abroad as it has in the United States. Zlatica Hoke has more.
    Video

    Video Drawings by Children in Hiroshima Show Hope and Peace

    On Friday, President Barack Obama will visit Hiroshima, Japan, the first American president to do so while in office. In August 1945, the United States dropped an atomic bomb on the city to force Japan's surrender in World War II. Although their city lay in ruins, some Hiroshima schoolchildren drew pictures of hope and peace. The former students and their drawings are now part of a documentary called “Pictures from a Hiroshima Schoolyard.” VOA's Deborah Block has the story.
    Video

    Video Vietnamese Rapper Performs for Obama

    A prominent young Vietnamese artist told President Obama said she faced roadblocks as a woman rapper, and asked the president about government support for the arts. He asked her to rap, and he even offered to provide a base beat for her. Watch what happened.
    Video

    Video Roots Run Deep for Tunisia's Dwindling Jewish Community

    This week, hundreds of Jewish pilgrims are defying terrorist threats to celebrate an ancient religious festival on the Tunisian island of Djerba. The festivities cast a spotlight on North Africa's once-vibrant Jewish population that has all but died out in recent decades. Despite rising threats of militant Islam and the country's battered economy, one of the Arab world's last Jewish communities is staying put and nurturing a new generation. VOA’s Lisa Bryant reports.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.8977
    JPY
    USD
    111.18
    GBP
    USD
    0.6834
    CAD
    USD
    1.3038
    INR
    USD
    67.139

    Rates may not be current.