• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 55 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 16 hours Reality catching up with EV forecasts
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 days US Oil Independence is a myth and will always be a myth
  • 2 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 8 days The Federal Reserve and Money...Aspects which are not widely known
  • 17 days Natural gas price to spike when USA is out of the market
  • 13 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 16 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Offshore Oil And Gas Is Back, Baby

Offshore Oil And Gas Is Back, Baby

Despite calls to reduce oil…

Oil Hits 7-Week High On Strong Demand In China

Oil Hits 7-Week High On Strong Demand In China

Crude prices held steady on…

India Overtakes China as Largest Importer of Iranian Crude

India has finally overtaken China as the largest importer of Iranian oil during the first quarter of this year. They achieved this due to a surge in buying ahead of the EU sanctions, due to take effect in July, which could severely reduce supply, and the fact that China has reduced its own purchases in a conflict over new contract negotiations.

ADVERTISEMENT

ADVERTISEMENT

During the first quarter of 2012 Indian imports were up by 23 percent from 2011 levels of 351,00 barrels per day (bpd) to 433,000 bpd, and more than China’s 256,000 bpd. In fact whilst India’s imports have increased by 23 percent, China’s have fallen by 40.3 percent over the same period.

India has so far been unable to earn an omission from the US and EU sanctions against Iran, which would enable them to continue to trade with the Persian state. They have been in firm opposition to the sanctions from the beginning, but are still pushing its refiners to try and cut down on Iranian imports. Whilst overall figures for the first quarter are up, they have been falling steadily; with 531,000 bpd in January, 404,000 bpd in February, and 363,000 bpd in March. If they are able to continue this trend for the next couple of months, they may do enough to earn a waiver from the sanctions.

Iran used to export about 2.2 million bpd, but as the date for the sanctions comes closer it has seen this volume fall by 300,000 bpd to just 1.9 million, mostly due to the withdrawal of many European customers.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News