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Indian Imports of Iranian Crude Oil Drop to a 21-Month Low in November

Oil

India, the world’s third largest crude oil consumer, imported 266K b/d of Iranian crude in November, down 43% or about 200K b/d m-o-m and 55% or 325K b/d y-o-y, in response to Iran’s decision to award a gas field to a Russian company, according to Reuters. India imported an average of 427.2K b/d of Iranian Crude for April-November 2017, about 19% lower y-o-y.

Total Indian monthly crude imports averaged 4.29M b/d for January-October 2017, the same as the corresponding 10-month period last year.