Malta-flagged Iranian crude oil supertanker ”Delvar” is seen anchored off Singapore March 1, 2012. India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, industry sources familiar with the matter said. Average annual imports at that level in the fiscal year just begun would be the highest in at least seven years, and would carry forward a bump in purchases that lifted March shipments to a five-year high for a month at 506,100 bpd. Iran was India’s second biggest oil supplier – a position now belonging to Iraq – before economic sanctions aimed at Iran’s nuclear program hampered its trade relations, forcing the South Asian nation to tap alternative suppliers. The plans for higher annual imports by India are a sign that Tehran […]