Iran Becomes India’s Second biggest Oil Supplier, Replaces Saudi Arabia
July 24, 2018
Iran becomes India’s second biggest Oil Supplier:
Between April 2018 and June 2018, Iran was the second-biggest crude oil supplier to Indian state refiners
It replaced Saudi Arabia as the second-biggest oil supplier to Indian state refiners.
How did Iran become becomes india’s second biggest Oil Supplier in this period?
Thanks to the steeper discounts offered by Iran on the oil, India almost doubled its imports from Iran between April 2018 and June 2018.
It offered almost free shipping and extended credit period on oil sales.
Who is India’s biggest Oil supplier?
Iraq is India’s biggest Oil Supplier
Saudi Arabia is the third biggest Oil Supplier of India
Future concerns with respect to India’s oil imports from Iran
United States in May 2018 withdrew from a 2005 nuclear deal with Tehran and decided to reimpose sanctions on Iran
India and other major buyers of Iranian oil are under pressure from United States to cut imports from the Iran
The first set of sanctions will take effect on August 6 2018 and the rest, notably in the petroleum sector, following a 180-day “wind-down period” ending on Nov. 4
India has asked refiners to prepare for drastic reductions or even zero Iranian oil imports.
Related Facts: What is OPEC and who are its members?
OPEC is a permanent, intergovernmental Organization whose objective is to co-ordinate and unify petroleum policies among Member Countries
The Organization of the Petroleum Exporting Countries (OPEC) was created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.
Currently there are 11 Members of OPEC: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
