Iranian crude oil exports to India in September rose by 111,000 barrels per day (bpd) to 502,000 bpd compared to the figure for August, ADTV reported citing traders and shipping intelligence firm Kpler.
According to the report, Indian buyers reduced U.S. crude purchases and loaded up on Iranian oil ahead of the restart of U.S. sanctions next month and as the WTI-Brent differential narrowed.
Iran’s crude exports to China also increased by 29,000 bpd to 620,000 bpd, according to Kpler, as China cut its U.S. purchases amid an ongoing trade spat with the United States.
U.S. oil shipments to India fell to 84,000 bpd last month, down 75 percent from a record high of 347,000 bpd in June, Kpler data showed. India accounted for 12 percent of U.S. crude exports in June.
Overall U.S. exports also fell 917,000 bpd to 1.7 million bpd in the last week of September, according to the Energy Information Administration, as a stronger U.S. dollar and Brent’s premium to WTI fell, making U.S. crude less affordable.
India, which has become a key Asian destination for U.S. crude this year, has been one of the top two buyers of Iranian crude.
U.S. exports to all Asian countries fell 73,000 bpd to 427,000 bpd last week, while U.S. shipments to Europe dropped 102,000 bpd to 543,000 bpd.