• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours Sources confirm Trump to sign two new Executive orders.
  • 9 hours Sometimes I Think Trump Supporters on This Forum Are Russians
  • 1 day CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 14 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 20 hours In a Nutshell...
  • 6 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 1 day A Real Reality Check on "Green Hydrogen"
  • 15 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 days Why Oil could hit $100
  • 4 hours Where is Alberta, Canada headed?
  • 2 days Why Wind is pitiful for most regions on earth
  • 12 hours Putin Paid Militants to Kill US Troops
Can India Really Shut Down Oil Supply To China?

Can India Really Shut Down Oil Supply To China?

As tensions continue to escalate…

Battery Metal Sector Sees Light At The End Of The Tunnel

Battery Metal Sector Sees Light At The End Of The Tunnel

The COVID-19 pandemic has significantly…

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.

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



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News