Indias oil imports from Iran hit a record high above half-a-million barrels per day (bpd) in 2016/17 as the 2 countries stepped up trade after the lifting of sanctions on Tehran, reported iranian NIOC on April 13, 2017.
India is currently Iran's 2nd biggest oil client after China but there is still room for the 2 sides to return to levels before the sanctions when Tehran was New Delhi's 2nd oil supplier.
India lifted about 541,000 bpd of Iranian oil in the fiscal year to March, a growth of about 115 % over the previous year.
That came after some major Indian refiners, including Reliance Industries, resumed purchases from Iran after a gap of several years when Tehran came under the West's stringent sanctions in 2011.
India's oil imports from Iran jumped by about 92 % to 573,400 bpd in the 1st quarter of this year.
Overall, India's oil imports rose 4.7 % in March from the previous month and by about 4.9 % from a year ago.
However, several Indian refiners are reportedly planning to cut oil imports from Iran by a 5th amid an impasse between the 2 countries over a giant Iranian gas field which New Delhi has been coveting for years.
On April 12, 2017, Minister of Petroleum Bijan Zangeneh said Iran was not worried about India’s decision to reduce oil imports, stressing that there were plenty of customers willing to purchase crude from the country.
«India is one of our good customers and we are willing to boost cooperation. If there is a cut in our exports to India, we will have no troubles as there are many other customers, he said.
New Delhi was among a select group of countries which upheld dealings with Tehran during the years of sanctions on Iran.