Oil imports of India from Iran increased by as much as 17% in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an OPEC deal to cut output, according to shipping data.
The jump indicates that Iran has replaced regional rival Iraq as the 2nd biggest oil supplier to India – a role Tehran used to occupy before Western sanctions were imposed against it over the countries disputed nuclear programme.
Though, Saudi Arabia remains the biggest oil supplier to India but according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts, imports from Iran increased to 647,000 barrels per day in February.
In the first eleven months of the present fiscal year, between April and February, India has imported near about 542,000 barrels per day as compared to 225,522 barrels per day for the same period a year ago.
India’s oil imports from Iran in the first 2 months of 2017 averaged 598,400 barrels per day compared to 192,500 barrels per day a year ago, according to data.