ForumIAS LATEST
- Prelims Test Series (PTS) for Prelims 2027 starts 11th Oct. 2026 Click Here to know more →
- [Pre-order] Ethics Redbook 3rd Edition: Delivery starts from 10th October onwards Click Here to Read More →
- 21 Sept. | Forum Residential Coaching (FRC) for UPSC preparation Click Here to know more →
- 21 Sept. | GS Advance Program (GSAP) for UPSC 2027 Mains starts from 10th Oct. Click Here to Read More →
Iran becomes India’s No. 2 oil supplier
News
- Iran was the second-biggest oil supplier to Indian state refiners between April and June, after Iraq
Important facts
- Iran replace Saudi Arabia as second largest supplier of oil
- India and other major buyers of Iranian oil are under pressure to cut imports from the country after Washington in May withdrew from a 2005 nuclear deal with Tehran and decided to reimpose sanctions on the OPEC member.
- India is Iran’s top oil client after China, shipped in 5.67 million tonnes or about 4,57,000 barrels per day (bpd), of oil
- Although India had curbed imports from Iran last year in protest against Tehran’s move to grant development rights for the giant Farzad B gas field to other parties.
- Reason for surge
- Iran offered almost free shipping and extended credit period on oil sales
