The latest market figures indicate a giant increase in Iran’s exports of crude oil to India throughout October in yet another sign of success for the Iranian oil industry after the removal of sanctions that had decimated its exports for several years.
Figures released by Reuters show India imported 183.000 barrels per day (bpd) of crude oil and condensate – an ultra-light type of oil – from Iran. The country’s imports of Iranian crude at one time before Western imposed sanctions stood at 250.000 bpd.
Last month, figures showed that Iran’s oil exports to its Asian buyers – China, India, Japan and South Korea – had increased in September to the highest levels in the preceding six months. Iran’s oil exports to those countries over the period, as reported by Reuters, stood at above 1.9 million barrels per day.
Iran’s biggest oil importer in Asia is China which is followed by India and South Korea and eventually Japan.
ABC / AA Magnum Analyst Blog News Site 2017.