NEW DELHI, June 12 (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 international nuclear deal with Iran and would impose new sanctions seeking to reduce the country’s oil shipments.
India’s oil imports from Iran in May rose by 10.2 percent from the previous month and were about 45 percent more than a year ago, the data showed.