ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 10th August. Click Here for more information.
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
