India’s April Oil Imports from Iran Drop 34.2 Percent

India’s oil imports from Iran fell 34.2 percent in April from March, the Times of India reported today. The report bolsters India’s case for the renewal of a waiver from US sanctions on Tehran due to expire next month. The US has already granted fresh waivers to Japan and 10 European countries but has so far left out China and India, Iran's biggest clients. (The Times of India, 22 May)

Compared to April 2012, Indian imports dropped 56.5 per cent to 117,300 barrels per day (bpd) now. Additionally, the Indian refiners are still struggling to insure cargoes from Iran. India is replacing Iranian crude with shipments from Venezuela, Iraq and Oman.

File photo: Iran’s Kharq Oil Terminal (Getty Images)