Iran beyond Iraq to become the second largest supplier of oil to India

Monday, March 13, 2017 14:02

News / Baghdad
Shipping data on Monday showed that the imports of India 's oil from Iran has increased nearly 17 percent in February compared with the level a month ago , at a time when refiners received lesser amounts of crude from Saudi Arabia and Iraq , leading OPEC producer after the Organization agreement to cut production.

Reuters reported that the jump means that Iran has replaced Iraq to become the second largest exporter of oil to India, a site that had been occupied by Iran before the imposition of Western sanctions over its nuclear program.
Iran stalled on the 15 billion barrels of oil
Oil prices are rising globally and Brent record of $ 56.91 a barrel


At a time when Saudi Arabia continued largest supplier of oil to India follow the ships and a report prepared by the Research and expectations of the oil center in the data showed Thomson Reuters , that India 's imports from Iran increased to 647 thousand barrels per day in February , up 16.7 percent compared with the level in January and an increase of approximately almost three times as compared with the level in February 2016.

And it pledged the Organization of the Petroleum Exporting Countries (OPEC) to reduce production by 1.2 million barrels per day with effect from the first of January, the first cut in eight years, in a bid to boost prices and eliminate oversupply. But were Iran, Libya and exempt Nigeria from the agreement.

India and imported in the first eleven months of this fiscal year in the period between February and April about 542 thousand and 400 barrels per day from Iran, compared with about 225 thousand and 522 barrels per day in the same period a year ago, and the average amount of oil supplied by Iran during that period up level ever.

The data showed that in the first two months of 2017 averaged India's imports of Iranian oil 598 thousand and 400 barrels per day, compared with about 192 and 500 thousand barrels per day a year ago.

She returned the Indian refining companies including Reliance Industries, operator of the largest oil refining complex in the world in Jamnjar, to the purchase of Iranian oil after they have ceased all imports from Iran during the period of sanctions.

At the same time, India's imports of oil from Saudi Arabia and Iraq have fallen almost three times as compared with the level in the same month a year ago.

The data showed that the Nigerian oil supplies to India rose to 527 thousand and 400 barrels per day, up 94 percent compared with the previous month, this means that Nigeria has emerged as the fourth largest oil supplier to India to replace Venezuela.

The contraction of Venezuela, which is witnessing a decline in oil production, supplies to India at a time when it is trying to fulfill its obligations under to get loans for oil with China, Russia and the agreements

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