India's crude oil imports from Iran rise 336% in October

The country's imports of crude oil in October this year surged up 335.5% to 789,100 barrels per day (bpd) as against 181,200 barrels per day (bpd) in the same month last year, it said. 

India's crude oil imports in the January to October period of 2016 was up 114.6% to 456,400 barrels per day (bpd) as compared to 212,600 barrels per day (bpd) in the corresponding period of previous year.

Iran's top four Asian buyers- China,India, South Korea and Japan- together imported 1.99 million barrels per day (bpd) in October and was up 147.9% as against 803,674 barrels per day (bpd) on year, the report said citing the government and ship-tracking data.

China's imports of crude oil from Iran increased by 128.8% to 773,860 barrels per day (bpd) in October this year as against 338,300 barrels per day (bpd) in the year-ago period.

In the first ten months of the current year, China's crude oil imports rose up 15.4% to 618,866 barrels per day (bpd) as compared to 536,500 barrels per day (bpd) in the same period last year. 

South Korea, which is Iran's third biggest crude oil buyer, imported 73.2% to 227,452 barrels per day (bpd) in October this year as compared to 131,323 barrels per day (bpd) in the similar period of previous year. The country's crude oil imports in the January to October this year were up 124.8% to 278,882 barrels per day (bpd) as against 124,036 barrels per day (bpd) in the same period last year.

Japan's imports of crude oil from Iran rose up by 32.1% to 201,847 barrels per day (bpd) in October as against 152,851 barrels per day (bpd) in the same month last year. Its crude oil imports were up 31.8% to 224,166  barrels per day (bpd) in the January to October period of this year as compared to 170,093 barrels per day in the similar period of last year. 

According to the news report, the volumes were in line with the OPEC member`s crude oil and condensate export plans. 

Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organisation of the Petroleum Exporting Countries (OPEC) to reach a deal to limit output and boost the price of crude when it meets on Wednesday, it added.