Iran supplies 5 percent more oil to India

Cornelia Mascio
Aprile 15, 2019

Malta-flagged Iranian crude oil supertanker "Delvar" is seen anchored off Singapore March 1, 2012. Earlier on Tuesday, South Korean news agency Yonhap reported that the Asian country is negotiating with the United States for extending the sanctions waiver on Iranian oil imports.

In March India's oil imports from Iran rose to about 405,000 bpd, about 56 percent higher than February, the data showed. Reuters reported Friday that us sanctions on oil from the two countries has led to a global shortage of "sour" oils, described as heavier than oil produced from countries such as the USA, which is experiencing record oil production of variants described as lighter and sweeter than its Russian, Venezuelan or Iranian competition. March volumes were however about 6 percent lower than the purchase in the same month a year earlier.

India-alongside seven other Iranian oil customers including the biggest buyer China-received a US waiver to continue buying Iranian oil, at a rate of around 300,000 bpd.

Delivery of some cargoes is delayed to March as Tehran has a limited number of ships.

In the previous fiscal year that ended on March 31, 2018 Indian refiners cut purchases from Iran due to a dispute over the award of development rights of a giant gas field.

India is not booking Iranian oil due to load in May, as refiners are waiting for more clarity from the USA on whether India will get its sanctions waiver extended, Reuters reported earlier this week, citing four sources.

Iran was the eighth biggest oil supplier to India in February compared with seventh in January, and slipped from third position it held a year ago, the data showed.

The sources declined to be identified as they were not authorized to speak with media.

The surge in buyers searching for Urals oil has led to Russian companies reportedly making $140 million more last month than they did in October.

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