INSUBCONTINENT EXCLUSIVE:
from Iran fell by 41 per cent in December to 302,000 barrels per day oil (bpd), ship tracking data reviewed by Reuters showed, as pressure
from US sanctions took effect
The United States introduced tough sanctions aimed at crippling Iran's oil revenue-dependent economy in November but gave a six-month waiver
to eight nations, including India, which allowed them to import some Iranian oil.India is restricted to buying 1.25 million tonnes per
December imports from Iran were 9.4 per cent higher than November when some cargoes were delayed due to lack of ships, tanker arrival data
showed.Iran was sixth biggest oil supplier to India in December compared to third position it held a year ago and last month Tehran's share
of India's overall imports declined to 6.2 per cent from 11.7 per cent a year ago, data showed.After abandoning 2015 Iran nuclear deal, US
President Donald Trump is trying to end Tehran's nuclear ambitions and ballistic missile programme and curb its support for militants in
Syria, Yemen, Lebanon and other parts of Middle East.In 2018, country shipped about 13 per cent more oil from Iran at 531,000 bpd as
refiners boosted purchases ahead of US sanctions drawn by discounts offered by Tehran, data showed.Iran was hoping to sell more than 500,000
bpd of oil to India in 2018/19, its oil minister Bijan Zanganeh said in February last year, and had offered almost free shipping and an
extended credit period to boost sales to India.In previous fiscal year that ended on March 31, 2018, refiners in country had cut purchases
from Iran due to a dispute on award of development rights of a giant gas field.Government sources say Reuters' calculations showing India's
oil imports from Iran in this fiscal year would be higher than 452,000 bpd, or 22.6 million tonnes, it imported in previous year, are
correct.In April-December 2018, first 9 months of this fiscal year, oil imports from Iran averaged about 533,800 bpd, up about 22 per cent
from a year ago, data showed.Total oil imports in December were about 4.9 bpd, up about 15 per cent from a year ago, data showed.
