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India is discussing with Washington an exemption from thesanctions, which focus on banking and are being imposed over Iran'sdisputed nuclear programme, a source said last month. China and India are Iran's biggest crude clients and reductions intheir purchases are crucial to Western attempts to crank up thepressure on Tehran. Neither has officially sought a waiver,although both have cut volumes. India imported about 243,000 barrels per day (bpd) of oil from Iranin May, down about 10% from April and about 38 percent from 394,000bpd a year ago, the data made available to Reuters showed. In April- the first month of new contracts - imports from Iran slid nearly40 percent from a year ago. Falling imports from the OPEC member have pushed Iran to fifthposition in the list of India's crude suppliers in April-May,compared with the third position it enjoyed a year ago and secondin the first quarter of 2012. Refiners are expected to cut volumes they ink under term deals thatstarted April 1 by more than 20 percent, according to Reuterscalculations, while the government says it aims for imports to bedown 11 percent from 2011-12 liftings to about 310,000 bpd. Indian refiners may lift significantly lower volumes out of Iranfrom July, when European sanctions will severely reduce theavailability of insurance cover for cargoes and vessels. Among Iran's other Asian buyers, South Korea plans to halt allimports by the time the European measures hit, industry sourceshave said, and Japan could follow suit unless Tokyo provides asovereign insurance guarantee for oil tankers. Indian refiners have been asked privately by the government to cutIranian oil imports by at least 15 percent, even though publiclyNew Delhi does not support unilateral sanctions, according togovernment officials. The refiners are making up for the shortfall in Iranian cargoes byraising imports from the world's biggest exporter, Saudi Arabia, aswell as fellow OPEC member Iraq. The 12-member Organization of the Petroleum Exporting Countries(OPEC) pumped 31.80 million bpd in May, up from 31.75 million bpdin April, a Reuters survey of sources at oil companies, OPECofficials and analysts found. India's overall oil imports in January-May rose about 11% from ayear ago to 3.6 million bpd as the country expanded its refiningcapacity. With some of that capacity in maintenance in May, however, totaloil imports in the month declined 3.6% from April. They were up14.5% from a year ago, the data showed. Essar replacing MRPL Essar Oil , which raised Iranian imports in January-March to stock up andmeet last fiscal year's commitments, bought about 33,000 bpd inMay, down more than 70% both from April and a year ago, as itturned to Latin America. But overall during January-May, Essar was the top Indian client ofTehran, ousting state-run Mangalore Refinery and PetrochemicalsLtd. MRPL nearly halved annual imports from Iran in January-May to about80,800 bpd. It bought about 52 percent less oil in May from Irancompared with April at 43,000 bpd, the data showed, due to a fullshutdown of its refinery during the month. State-run Hindustan Petroleum Corp emerged as the biggest buyer ofIranian oil in May, importing 99,000 bpd, up 66 percent from Apriland about 1.4 percent more than a year ago. "May volumes are higher as HPCL took delayed delivery of anApril cargo," said a source privy to HPCL's imports. Essar has renewed its annual deal of 100,000 bpd with Iran for thisfiscal year starting April 1 but aims to lift 15 percent less oilfrom there, while MRPL has reduced the size of its deal to 100,000bpd compared with 142,000 bpd in 2011/12. HPCL aims to buy 60,000 bpd oil from Iran compared with 70,000 bpdin 2011-12. Indian Oil Corp , the country's biggest refiner, bought 67,600 bpd oil from Iranwhile Bharat Petroleum Corp. Ltd. did not buy any Iranian oil sinceFebruary. The e-commerce company in China offers quality products such as LED Factory , LED Factory, and more. For more , please visit Indoor Led Screen today!
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