India cuts oil imports from Iran in June before US sanctions

India cuts oil imports from Iran in June before US sanctions

NEW DELHI (Reuters) - Indian refineries cut off Iranian oil imports last month, as companies are starting to reduce reliance on Iran's commodity to avoid sanctions ...

NEW DELHI (Reuters) - Indian refineries cut off Iranian oil imports last month, as companies are starting to reduce their reliance on Iranian oil to avoid US sanctions that are expected to take effect in November.India's monthly oil imports from Iran fell to 592,800 barrels per day (bpd) in June, down 16 percent from May, according to industry data and shipping sources.The US said in May it will reinstate sanctions against Iran that had been lifted following a 2015 agreement between Iran, Russia, China, France, Germany and the United Kingdom, for which Tehran has committed to curbing its nuclear activities.The government of India, Iran's largest oil client after China, asked refineries last month to prepare to drastically or even reduce Iranian oil imports.Overall, from other sources, Indian oil imports rose 10.1 percent in June from the same month last year to 4.82 million bpd, according to the data.Purchases rose with higher imports from Mexico, th...


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