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India's oil imports from Iran doubled in March

Oil&Gas Materials 22 April 2014 12:42 (UTC +04:00)

Baku, Azerbaijan, April 22

By Umid Niayesh - Trend:

India's oil imports from Iran increased by 117.3 percent in March compared to the same month of the last year and stood at 387,240 barrels per day (bpd).

Iranian shipments to India in the first quarter of this year also rose about 42.9 percent from the same period in 2013, Reuters reported based on trade sources on April 22.

Iran exported averagely 358,000 bpd of crude oil to India during the first quarter of the current year, while the figure was 250,600 bpd in the same period in 2013.

India's oil import from Iran also indicates a rise by 45.6 percent in March compared to the February, the report said.

India imported 266,000 bpd of Iranian oil in February.

Earlier Iranian deputy minister of oil for planning and supervision on hydrocarbon reserves, Mansour Moazzami said that the country's oil and condensate exports have doubled since president Hassan Rouhani took office last August.

The administration's income from exports of oil and condensates was some $10 billion more than the budget's forecasted figure, during the last Iranian calendar year (ended on March 20), he added.

A six-month interim accord easing restrictions on insurance for Iran's oil shipments and freeing up cash held outside the country went into effect in January, in return for a suspension of some parts of the country's nuclear program.

Iran's oil exports were 1.65 million bpd in February, the highest level since June 2012, the International Energy Agency (IEA) reported on April 11.

March shipments were estimated to have fallen to 1.05 million barrels a day from February's figure, "but that figure will likely be revised upwards closer to February levels upon receipt of more complete data," According to the IEA.

However the country's crude oil exports fell for the first time in five months in March and reached to just over 1 million bpd, Reuters reported on April 17.

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