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Iraq leads Saudi Arabia as India's largest oil supplier in August

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Iraq leads Saudi Arabia as India's largest oil supplier in August Empty Iraq leads Saudi Arabia as India's largest oil supplier in August

Post by RamblerNash on Mon Sep 10, 2018 11:43 pm

Iraq leads Saudi Arabia as India's largest oil supplier in August

Iraq leads Saudi Arabia as India's largest oil supplier in August Story_img_5b96d0b032022

2018/9/10 23:40

(Reuters) - Iraq replaced Saudi Arabia in August as India's biggest oil supplier as refiners shifted to Iraqi supplies to offset a drop in purchases of Iranian crude ahead of US sanctions in November, data from the oil and shipping industry showed.

The United States is re-imposing sanctions on Iran following Washington's decision in May to withdraw from the 2015 global agreement to curb Tehran's nuclear program. Some sanctions have been introduced from August 6, but those related to the Iranian oil sector will not be in place until November 4.

Imports of India, Tehran's biggest buyer after China, fell from about one-third to about 523,000 bpd in August compared to July as state-owned refiners slowed purchases due to delays in government approval for the use of Iranian vessels to transport supplies.

Despite the drop in purchases, Iran remained the third largest oil supplier to India in August, the figures showed.

US Secretary of State Mike Pompeo said on Thursday Washington would consider offering exemptions to Iranian oil buyers like India but would eventually have to stop all imports with sanctions on Tehran.

Iraq and Saudi Arabia kept top oil suppliers to India last month, according to data from the arrival of tankers provided by the sources. The sources asked not to be identified.

Indian refiners brought 1.02 million bpd of Basra's Basra crude in August, up 46 percent from the previous month, while imports from Saudi Arabia fell 5 percent to about 747,000 bpd in the period, the data said.

India imported fewer Nigerian oil in August, with West Africa's output being affected by delays in a number of major raw materials, such as Bonny Light and Turnadus. Asian buyers generally also turned to light US crude at the expense of Nigerian crude.

India's imports of US oil rose to a record 275,000 bpd, or about 6 percent of total purchases, according to figures.

Indian refiners booked US oil shipments in June when US crude futures for Brent expanded enough to make price differentials economically viable for India.

India's monthly oil imports from Nigeria fell about 34 percent to around 279,000 bpd.

India's total monthly oil imports rose 3.1 percent in August to 4.7 million bpd, but rose 15.8 percent from a year ago, according to data.


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