Increase in India's Oil Imports from Iran in February

India's crude oil imports from Iran in January, the previous month, decreased by more than 25 percent compared to the month before. However, it is expected that following negotiations between Indian refineries and Iran, this figure will see a surge in February, the current month. According to Reuters, statistics show that India imported 170,700 barrels per day from Iran in January, when sanctions were still in place, which represents a 27 percent decrease compared to December and a 38 percent decrease compared to the previous year. This figure is estimated to be 303,000 barrels per day in February. Now, after the lifting of oil, banking, insurance, and shipping sanctions on Iran, Indian refineries are negotiating with the National Iranian Oil Company to increase the volume of imports from Iran. Two major Indian refineries, Essar and Mangalore, have ordered three shipments for February, raising the country's oil purchases from Iran to 300,000 barrels per day in the first half of the month. In this context, an official from the National Iranian Oil Company told Reuters last month, 'India has increased its request to buy from Iran to six million barrels, equivalent to 230,000 to 250,000 barrels per day for February.' In the first ten months of India's fiscal year, which began on April 1, 2015, India's oil imports from Iran averaged 228,600 barrels per day, a 9.5 percent decrease compared to the same period last year. In January, Mangalore was the largest customer of Iranian oil, importing 103,400 barrels, followed by Essar with 67,200 barrels. Iran has targeted the Indian oil market as its main destination. Statistics indicate that Iran's total oil exports reached 1.5 million barrels per day in January and are expected to be 1.44 million barrels per day in February. Before sanctions, Iran exported 2.2 million barrels of oil daily, but this amount dropped to one million barrels during the sanctions.