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

For Lebanon-based Refugees, Desperation Fuels Perilous Passage

In a war that has caused an estimated three million people to flee Syria, efforts to make perilous sea journey in search of asylum expected to increase More

South African Brewer Tackles Climate Change

Mega-brewer SAB Miller sent delegates to climate summit in Peru, says it is one of many private companies taking their own steps to fight climate change More

Indonesia Reports Increase in Citizens Joining Islamic State

Officials say more than 350 of its citizens are now in Syria or Iraq to fight with Islamic State - 50 more than last month More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Will Pakistan School Shooting Galvanize Pakistan Against Extremism?i
X
Ayesha Tanzeem
December 17, 2014 11:54 AM
The attack on a military school in Pakistan’s northwest city of Peshawar left 141 dead, including 132 children. Strong statements of condemnation poured in from across the world. The country announced three days of mourning, and the leadership, both political and military, promised retribution. VOA's Ayesha Tanzeem looks at how likely the Pakistani government is to clamp down on all extremist groups.
Video

Video Will Pakistan School Shooting Galvanize Pakistan Against Extremism?

The attack on a military school in Pakistan’s northwest city of Peshawar left 141 dead, including 132 children. Strong statements of condemnation poured in from across the world. The country announced three days of mourning, and the leadership, both political and military, promised retribution. VOA's Ayesha Tanzeem looks at how likely the Pakistani government is to clamp down on all extremist groups.
Video

Video ‘Anti-Islamization’ Marches Increase Tensions In Germany

Anti-immigrant rallies in Germany have been building in recent weeks, peaking Monday night in the city of Dresden where tens of thousands of people turned out to demonstrate against what they call the ‘Islamization’ of the West. Germany has offered asylum to more Syrian refugees than any other country, and this appears to have set off the protests. Henry Ridgwell reports from London.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video Turkey's Authoritarianism Dismays Western Allies

The Turkish government has been defiant in the face of criticism at home and abroad for its raids targeting opposition media. The European Union on Monday expressed dismay after President Recep Tayyip Erdogan lashed out at Brussels for criticizing his government's action. Turkey's bid to be considered for EU membership has been on hold while critics accuse the NATO ally of increasingly authoritarian rule. Zlatica Hoke reports.
Video

Video US-China Year in Review: Hong Kong to Climate Change

The United States is pushing for a code of conduct to resolve territorial disputes in the South China Sea as it works to improve commercial ties with Beijing. VOA State Department correspondent Scott Stearns reports on a year of U.S. policy toward China from Hong Kong to climate change.
Video

Video Japanese Leader’s Election Win Raises Potential for Conflict with Neighbors

Japan’s Prime Minister Shinzo Abe and his allies easily won a two-thirds majority in parliament Sunday, even though the country has slipped into recession under his conservative policies. VOA’s Brian Padden reports from Seoul, that the prime minister’s victory will empower him to continue economic reforms but also pursue a nationalist agenda that will likely increase tensions with Japan’s neighbors.
Video

Video Nuba Mountain Families Hide in Caves to Escape Aerial Bombings

Despite ongoing peace talks between Sudan's government and the rebel Sudan People’s Liberation Movement-North, or SPLM-N, daily aerial attacks continue in South Kordofan province’s Nuba Mountains. Adam Bailes was there and reports for VOA that government forces are targeting civilian areas, rather than military positions, with their daily bombardments.

All About America

AppleAndroid

World Currencies

EUR
USD
0.8033
JPY
USD
117.19
GBP
USD
0.6372
CAD
USD
1.1634
INR
USD
63.622

Rates may not be current.