India’s Iran oil imports rose marginally in January compared to the previous month as Indian refiners received full volumes from the key OPEC producers Saudi Arabia and Iraq, shipping data showed on Wednesday.
Iran used to be India’s second-biggest oil supplier, a position which now belongs to regional-rival Iraq after tough Western sanctions over its nuclear development programme limited Tehran’s exports and access to finance.
In January, Iran was the third biggest oil supplier to India after Saudi Arabia and Iraq.
India’s oil imports from Iran have risen sharply after those sanctions were lifted a year ago.
In January, Iranian oil imports more than trebled compared with the same month last year, rising to 554,600 barrels per day (bpd), according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts. Read More…