Iran Becomes India’s 2nd Largest Oil Supplier

Iran has overtaken Saudi Arabia as India’s number two oil supplier in the April-June quarter, India’s oil minister said on Monday. Iraq remains India’s number-one supplier of crude. While Iran ousted Saudi Arabia as the number two oil supplier, Iran’s oil shipments to India year-on-year are down, Oil Price reported. Iraq’s, on the other hand, have increased, perhaps as India looks to wind down shipments ahead of US sanctions that go into effect against Iran in November 2018. From April to June, India purchased 5.22 million tons of oil from Saudi Arabia, 5.6 million tons from Iran and 7.27 million tons from Iraq. But yearly figures show a decline in the amount of oil India imported from Iran: 9.8 million tons in the year ending March 2018, versus 13.04 million tons in the year ending March 2017—an almost 25% decline year-on-year.