LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Iran leapfrogs Iraq to become India's second largest oil supplier

In the first 11 months of this fiscal year, between April and February, India imported about 542,400 bpd from Iran

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Iran leapfrogs Iraq to become India's second largest oil supplier
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf. Photo: Reuters
Written By: Reuters
Updated: Mon, Mar 13, 2017
02:45 pm
New Delhi, Reuters
RELATED NEWS
Oil prices hit three-month low as U.S. rig count climbs Oil prices hit three-month low as U.S. rig count climbs
India's 2016 Iran oil imports hit record-high trade India's 2016 Iran oil imports hit record-high trade
India's crude oil imports from Iran rise 336% in October India's crude oil imports from Iran rise 336% in October
Putin, Iran's Rouhani back OPEC bid to stabilise oil prices Putin, Iran's Rouhani back OPEC bid to stabilise oil prices
Oil may rise to $55 if all producers cooperate - Iran Oil may rise to $55 if all producers cooperate - Iran

India's oil imports from Iran rose nearly 17% in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an OPEC deal to cut output, shipping data showed on Monday.

The jump meant Iran replaced regional rival Iraq as India's second-biggest oil supplier - a role Tehran used to occupy before Western sanctions were imposed against it over the country's disputed nuclear programme.

While Saudi Arabia remained the biggest oil supplier to India, ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts showed imports from Iran rose to 647,000 barrels per day (bpd) in February. That was 16.7% more than January, and almost trebled from February 2016.

The Organization of the Petroleum Exporting Countries (OPEC) pledged to curb production by about 1.2 million bpd from January 1, the first cut in eight years, in a move designed to boost prices and drain a supply glut. Iran, Libya and Nigeria were, however, granted exemptions from the deal.

In the first 11 months of this fiscal year, between April and February, India imported about 542,400 bpd from Iran, compared to about 225,522 bpd for the same period a year ago. Average oil volumes supplied by Iran over this period were the highest on record.

In the first two months of 2017, India`s oil imports from Iran averaged 598,400 bpd compared to about 192,500 bpd a year ago, the data showed.

Indian refiners including Reliance Industries Ltd, operator of the world`s biggest refinery complex at Jamnagar, have returned as buyers of Iranian oil after having stopped imports from Iran during the sanctions period.

Meanwhile, India's February oil imports from Saudi Arabia and Iraq were nearly a third lower than the same month a year ago.

Nigerian oil supplies in February stood at 527,400 bpd, the data showed, a jump of 94% from the previous month. That meant the African nation emerged as the fourth-biggest oil supplier to India, displacing Venezuela.

The latter, witnessing a decline in production, is cutting supplies to India as it is fulfilling obligations under oil for loan deals with China and Russia.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
oil importsIranIraqOPECSaudi Arabiaoil supplierssanctionsoil productionEconomy
RELATED NEWS
Oil prices hit three-month low as U.S. rig count climbs Oil prices hit three-month low as U.S. rig count climbs
India's 2016 Iran oil imports hit record-high trade India's 2016 Iran oil imports hit record-high trade
India's crude oil imports from Iran rise 336% in October India's crude oil imports from Iran rise 336% in October
Putin, Iran's Rouhani back OPEC bid to stabilise oil prices Putin, Iran's Rouhani back OPEC bid to stabilise oil prices
Oil may rise to $55 if all producers cooperate - Iran Oil may rise to $55 if all producers cooperate - Iran

LATEST NEWS

CBSE Class 10 Class 12 Board Exam Latest News: Will government CHANGE CBSE board exam 2021 date sheet - check all details here

CBSE Board Exam 2021: Cancel exams? 'CANCEL CBSE EXAMS', says Arvind Kejriwal - latest news and updates here

CBSE Board exam 2021 cancellation: Will they, or won't they? From Arvind Kejriwal, Maha minister, Sonu Sood to CBSE — Who said what?

Stocks in Focus on April 13: TCS, Hindustan Copper, Bandhan Bank, Satin Creditcare to Magma Fincorp; here are the 5 Newsmakers of the Day

CBSE Board exam 2021: After Maharashtra, UP boards, will CBSE CANCEL examinations? Here is latest news by official

CBSE Board Exams 2021 – Students just cannot afford to miss what happened in this official meeting as calls to cancel exams get louder

In chat with Anil Singhvi, analyst Vikas Sethi recommends Tata Motors, JSPL as top buys for big gains

PUBG Mobile Update: Massive achievement for PUBG New State; Check details NOW

Karnataka Colleges and Universities Exam News Today: No online exams for higher classes in the state, Deputy CM said

Know which Rakesh Jhunjhunwala-owned stock has shot-up nearly 6% in today’s trade; know key risk

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved