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FOX LIVE NEWS UPDATE

India raises Iran oil imports in April to highest since Oct 2016 as U.S. sanctions loom

May 17 (Reuters) – India’s oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and industry sources, as refiners raised purchases ahead of looming U.S. sanctions against Tehran.

Overall, India imported 4.51 million bpd in April, 2.5 percent higher than a year ago, the data showed.

India’s Iranian imports rose by 49 percent from March and were 20 percent higher than a year ago, the data showed. The country is the Iran’s second-biggest buyer of crude after China.

State refiners have raised their imports after Iran agreed to steep shipping discounts. exported a total 2.6 million bpd of crude in April, a record since the lifting of sanctions in January 2016, according to the news service for the country’s oil ministry.

forward, however, Iran’s oil exports are expected to fall. U.S. President Donald Trump earlier in May announced the withdrawal from a 2015 agreement between the United States, Iran and other world powers to limit Iran’s nuclear programme.

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