Iran's crude oil export to India increases 540,000 bpd
Iran’s crude oil export to India for the fiscal year 2016-2017 increased to 540,000 barrels per day showing a three-fold rise in comparison with the preceding year.
According to information presented by the shipping companies and published by India’s media on Saturday, India's oil import from Iran on February increased by 17 percent as compared to January, 2017.
By this amount, Iran could re-take its position from Iraq as the second oil erxport to India as it was before the sanctions were imposed against Iran.
India's oil import from Iran in February was totally 647,000 bpd, which was almost 3 times as compared to February 2016.
According to the published reports, India’s oil import from Iran in March increased by 4.7 percent as compared to the same period of the preceding year.
Decision made by a number of OPEC member-states to reduce oil production output; India’s oil import from Iran increased 92 percent in the first three months of the year to 573,400 bpd.
China and India are the largest Iran’s oil purchasers in the world.
Iran is exporting 2.8 million barrels a day of oil and gas condensates now, which was one million during the sanctions era.