India's Essar Oil posts drastic hike in imports from Iran

(MENAFN) India's Essar Oil, the major Indian buyer of Iranian crude, shipped in 49.7 percent more Iranian oil throughout last month as opposed to 2015's cited month, based on reports.

In particular, Essar imported 187,300 bpd of oil from Iran over the prior month, a jump of 4.6pct from April, plus it averaged at 149,500 bpd in Jan-May compared with 76,000 bpd a year ago.

Additionally, Iran has been upping its oil production since it was freed from sanctions in January, and much of the crude has been sold to India, which maintained close ties with Tehran.

India is well positioned as a buyer because many of its refineries were built to process Iranian-grade crude, plus it's growing faster than any other major economy and it needs more energy.