Iran becomes India’s No. 2 oil supplier
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Iran becomes India’s No. 2 oil supplier

News

  1. Iran was the second-biggest oil supplier to Indian state refiners between April and June, after Iraq

Important facts

  1. Iran replace Saudi Arabia as second largest supplier of oil
  2. 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.
  3. 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
  4. 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.
  5. Reason for surge
  • Iran offered almost free shipping and extended credit period on oil sales

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