India’s Oil Imports from Iran Grew 37%

India’s Oil Imports from Iran Grew 37%

India’s oil imports from Iran rose to its highest level in five years, to reach 523,000 b/d during July, which is a 37% jump from June’s volume, and more than double that of the same period in 2015, Reuters reported.

During the first four months of the current fiscal year, India’s imports from Iran reached 420,000 b/d, a 48% increase when compared to import volumes for the same period the year before, Economics Times wrote.

Iran was India’s second biggest importer of petroleum products, after Saudi Arabia, up until 2011 when Delhi cut ties with Tehran because of western sanctions.

Yet, the Iranian-Indian oil trade has been booming since early 2016 after sanctions have been lifted.

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