• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 3 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 15 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 21 hours NordStream2
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 mins Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 1 day "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 days 2019 - Attack on Saudi Oil Facilities.
$70 Oil Won't Keep OPEC Happy

$70 Oil Won't Keep OPEC Happy

OPEC is reportedly reconsidering its…

Oil Bulls Rejoice As Biden’s Supply Strategy Backfires

Oil Bulls Rejoice As Biden’s Supply Strategy Backfires

President Biden’s crude reserve release…

Iran Overtakes Saudi As India’s Second Largest Oil Supplier

Iran has overtaken Saudi Arabia as India’s number two oil supplier in the April-June quarter, India’s oil minister said on Monday. Iraq remains India’s number-one supplier of crude.

While Iran ousted Saudi Arabia as the number two oil supplier, Iran’s oil shipments to India year over year are down. Iraq’s, on the other hand, have increased, perhaps as India looks to wind down shipments ahead of US sanctions on Iran that go into effect in November 2018.

In the period from April to June, India purchased 5.22 million tons of oil from Saudi Arabia, 5.6 million tons from Iran, and 7.27 million tons from Iraq.

But yearly figures (which run from April to March) show a decline in the amount of oil India imported from Iran: 9.8 million tons in the year ending March 2018, versus 13.04 million tons in the year ending March 2017—an almost 25 percent decline year over year.

Meanwhile, India’s oil imports from Iraq increased from 24.79 million tons in the year to March 2017 to 29.66 in the year to March 2018—a near 20% increase year over year.

India has not yet definitively said how it will respond to the US sanctions on Iran when it comes to oil imports and payments. It has waffled over the matter, initially reporting in May that it will not adhere to US sanctions, and then switching gears and telling its refiners to prepare for a “drastic reduction to zero” of Iranian oil.

Related: Goldman Predicts Major Solar Market Contraction

India’s position as an oil importer from Iran turned even more difficult in mid-June, when India’s largest bank told local refiners that it would no longer handle payments for oil imports from Iran starting in November.

India’s Nayara Energy—formerly known as Essar Oil—is said to have started scaling back oil purchases from Iran last month, while another big Indian refiner, Reliance Industries, which owns the world’s largest refining hub and has significant exposure to the U.S. financial system, is reportedly planning to stop importing oil from Iran in October or November.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



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