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India oil imports from Iran hit record: Daily

India's oil imports from Iran in April rose to the highest level since October 2016, an Indian daily reported.

India oil imports from Iran hit record: Daily
(Thursday, May 31, 2018) 09:13
The shipping industry data showed that India oil imports from Iran surged to 640,000 barrels per day (bpd) in the last month, The Economic Times reported on Thursday.

'Overall, India imported 4.51 million bpd in April,' the report said.

'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 Iran's second-biggest buyer of crude after China,' the report read.

However, the report added, the amount of India's oil imports from Iran might be affected by the reimposition of US sanctions on Iran.

President Donald Trump on May 8 pulled Washington out of Iran nuclear deal. He has also threatened that the US will roll back Iran sanctions waiver.

Iran and the major world powers in 2015 signed the nuclear agreement, under which Tehran agreed to curb its nuclear program in exchange for economic sanctions relief.

Despite the US withdrawal, all other signatories—UK, France, Russia, China and Germany—have said that they will stay in the deal.
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