Oil import from Middle East rises to 59 percent

Oil import from Middle East rises to 59 percent

Posted on Posted in Business, Economy, News

Oil minister Dharmendra Pradhan said that crude oil imports from West Asia is on a rise. India’s crude oil imports from Middle East  rose marginally to 59.2% in 2015-16. India imported 109.09 million tonnes of crude from the 10 nations in the Middle East during first 11 months of 2015-16 fiscal.

Pradhan said India imported almost the entire 8.2 mt LPG (liquefied petroleum gas) from West Asia in 2015-16 — as compared to 8.3 mt in the previous financial year — with Qatar the largest supplier at 3.2 mt, followed by Saudi Arabia (2.24 mt), the UAE (1.49 mt) and Kuwait (848,000 tonnes).

Oil import from Iran

India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January. The plans for higher annual imports by India are a sign that Tehran is beginning to regain market share after the lifting of sanctions. Iran has said it will continue increasing its oil output and exports until it reaches the market position it held in the pre-sanctions era.

IOC aims to buy 80,000 bpd from Iran with an option for another 40,000 bpd, MRPL will buy about 90,000-100,000 bpd, while HPCL and BPCL plan to buy about 20,000 bpd each, the sources said. In addition to these volumes and the barrels Essar is looking to buy, private refiner Reliance Industries is seeking to buy 100,000-120,000 bpd Iranian oil, mainly heavy grades.

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