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- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
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- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
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- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
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- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
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- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
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- Gibraltar releases Iran-operated tanker despite US pressure
India's annual oil imports from Iran surged to a record high in 2016 as some refiners resumed purchases after the lifting of sanctions against Tehran, according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts.
The sharp increase propelled Iran into fourth place among India's suppliers in 2016, up from seventh position in 2015. It used to be India's second-biggest supplier before sanctions. For the year, the world's third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed.
In December, imports from Iran trebled from a year earlier to about 546,600 bpd.
In 2015 refiners slowed purchases due to sanctions.
Indian refiners Reliance IndustriesBSE 0.65 %, Hindustan PetroleumBSE -1.10 %, Bharat PetroleumBSE -0.26 % and HPCL-Mittal Energy Ltd (HMEL) last year resumed imports from Tehran.
In April-December, the first nine months of this fiscal year, Iranian supplies to India averaged a record 530,300 bpd, up from about 400,000 bpd before sanctions tightened against Tehran.
India's 2016 Iranian oil imports were the highest in at least six years, according to the Reuters data.
Government data going back over a longer period shows the average was the highest since the 2001-02 fiscal year.
Overall, India imported 4.3 million bpd oil in 2016, up 7.4 percent from the previous year.
Rising imports from Iran and Iraq lifted the Middle Eastern share in India's crude diet to 64 percent in 2016, reversing a declines in recent years, partly due to rising prices for Atlantic Basin oil tied to Brent.
The average premium for Brent jumped against Dubai crude to more than $3 a barrel in 2016 from around $1.80 in 2015.
"In 2016 Iran ramped up its output to regain market share while Iraq segregated its production into Basra Light and Heavy to attract customers. Basra Heavy was sold at a discount, making it more attractive than rival grades," said Haq.
Iran's share of Indian oilBSE -1.04 % imports surged to 11 percent in 2016 from 5 percent in 2015.
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