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Indian oil imports from Iran surge to highest since 2016

Reuters  |  NEW DELHI 

By Nidhi VermaNEW DELHI (Reuters) - India's oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.From June India's oil imports from Iran could drop because at least two refiners -- accounting for about 35 percent of Indian refining capacity of around 5 million bpd -- are preparing to curb purchases under pressure from the U.S. sanctions.On May 8 U.S. President Donald Trump said that the United States was pulling out of a 2015 ...

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First Published: Tue, June 12 2018. 20:18 IST