India’s crude oil imports from Iran and Venezuela fell 50% and four.2% year-on-yr, respectively, in February, clean data sourced from the Directorate General of Commercial Intelligence and Statistics (DGCIS) confirmed.

Iran and Venezuela are dealing with crippling financial sanctions by way of United States, hampering oil exports from these international locations. While sanctions targeting Iran’s oil industry came into impact from November final 12 months, Venezuela confronted US sanctions in overdue January this year.

In mild of the partial restrictions imposed on India, to import restrained quantities of Iranian crude as much as May this 12 months, crude oil imports through India from Iran in February slumped 50% to 1.Thirteen million tonne, compared to 2.27 million tonne imported within the corresponding month a year ago.

However, cumulatively, India’s oil imports from Iran for the duration of the April-February duration of 2018-2019 accelerated 9.08 in keeping with cent to 22.46 million tonne, compared to 20.Fifty nine million tonne imported inside the corresponding duration a yr in the past.

India’s crude oil imports from Venezuela fell 4.2% to 1.14 million tonne in February as compared to one.19 million tonne imported within the corresponding month a year ago.

Cumulatively, India’s import of Venezuelan crude dropped 9.Forty seven% to fifteen.58 million tonne inside the period between April 2018 and February 2019.