Imports to India from Iran fall
DEHLI, September 4, 2015 – Iran’s oil exports to India have experienced a year-on-year drop of 27 percent to 198,800 barrels of oil per day (bopd), from 266,000 bopd in 2014, Reuters reported on Friday.
India had bought Iranian oil at a rate of 214,000 bopd in the first eight months of 2015, representing a 7.7-percent drop.
Against this backdrop are a relaxing of western sanctions against Iran, and a planned month-long shutdown of two of India’s refineries. This leads to a more open international market for Iran and smaller oil purchases on India’s part.
India is the fourth-largest importer of oil in the world. In 2007, Iran was its second-largest supplier. As sanctions over the past eight years have made Iran’s prospects more difficult, it is now India’s seventh-largest supplier. India is Iran’s second-biggest buyer of oil after China.
For more news and features on India, click here.
Read our latest insights on:
Nigeria as a major maritime hubINTERVIEW