Iran has overtaken rival Saudi Arabia to become India’s top oil supplier in October, as shown by shipping data.
Before the unjust Western sanctions on Iran over the country’s nuclear program, Iran held the position of India’s second-biggest oil supplier after Saudi Arabia. With the signing of Iran’s nuclear deal in January and the subsequent removal of sanctions, Iran once again reclaimed its level of exports and access to finance.
Shipping data show that Iran’s oil exports to India shot up this year by having sold 759,700 barrels of oil per day to India in October, 56 per cent more than a year ago. This was larger than 717,000 bpd of oil sold by Saudi Arabia, as India’s top oil supplier.
According to Reuters, Iran’s surge to the No.1 spot is due partly to less available crude from Saudi Arabia, as well as Iranian price discounts as part of a larger deal.
Last month, India imported as many as two million barrels of Iranian crude for its strategic petroleum reserve stocks. The country is planning to import twice that volume to stock up its emergency oil reserves