India's Essar Oil and Mangalore Refinery and Petrochemicals are due to reopen their refineries next month.

Imports to India from Iran fall

DEHLI, September 4, 2015 – Iran’s oil exports to India have experienced a year-on-year drop of 27 percent to 198,800 barrels of oil per day (bopd), from 266,000 bopd in 2014, Reuters reported on Friday.

India had bought Iranian oil at a rate of 214,000 bopd in the first eight months of 2015, representing a 7.7-percent drop.

Against this backdrop are a relaxing of western sanctions against Iran, and a planned month-long shutdown of two of India’s refineries. This leads to a more open international market for Iran and smaller oil purchases on India’s part.

India is the fourth-largest importer of oil in the world. In 2007, Iran was its second-largest supplier. As sanctions over the past eight years have made Iran’s prospects more difficult, it is now India’s seventh-largest supplier. India is Iran’s second-biggest buyer of oil after China.

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