• 1 min Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 2 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 4 hours Aramco In Talks With Chinese Petrochemical Producers
  • 5 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 7 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 13 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 18 hours Keystone Pipeline Restart Still Unknown
  • 22 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 1 day Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 1 day Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
Is The LNG Glut Real?

Is The LNG Glut Real?

LNG prices have fallen significantly…

Iran Overtakes Iraq As India’s No. 2 Oil Supplier

Oil Barrels

Indian refiners boosted Iranian crude oil imports in February while they received one-third lower imports from Saudi Arabia and Iraq. Both Saudi Arabia and Iraq are bound by OPEC supply cut deal, leading to Iran overtaking Iraq as India’s second-biggest crude oil provider in February.

According to a report by Thomson Reuters Oil Research and Forecasts and ship tracking data, India’s crude oil imports jumped to 647,000 bpd in February, up by 16.7 percent compared to January and almost triple the volumes imported in February last year, just a couple of weeks after most of the Western sanctions on Iran were lifted.

At the same time, imports from Saudi Arabia and Iraq were almost one-third lower in February compared to the same month last year.

According to Reuters data, Iran thus managed to regain some market share, being allowed slightly to raise output under OPEC’s agreement to curb global supply, while rivals Saudi Arabia and Iraq are cutting production. The Saudis continue to be India’s largest oil supplier, but now Iran is replacing Iraq as no.2 provider, a spot that it had held before the EU and the U.S. imposed sanctions on the Islamic Republic over its nuclear program.

India imported roughly 542,400 bpd from Iran between April last year and February this year – the first 11 months of India’s fiscal year ending March – compared to around 225,522 bpd for the same period the previous year, Reuters calculations and data show.

Related: Falling Oil Prices Could Upend The OPEC Deal

Indian imports averaged 598,400 bpd in January and February 2017, versus about 192,500 bpd for those two months last year.

There was another overtaking in the top five of Indian oil suppliers, with Nigeria shipments soaring 94 percent in February compared to January, to outstrip Venezuela as India’s fourth-largest supplier.

In January, industry sources said that Saudi Arabia cut February term crude oil loadings to some buyers in India and Southeast Asia, but would be shipping full delivery volumes to North Asia in order to protect its market share there.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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