India’s Oil Imports From Iran Hit Record High In 2016
India’s oil imports from Iran in 2016 increased to a record high of 473K b/d, up from 208K b/d in 2015, Reuters reports. This made Iran, India’s fourth largest crude supplier (up from seventh in 2015). The surge in imports, equivalent to growth of 127% y-o-y, followed the lifting of a number of international sanctions upon Iran. The increase in India’s imports from Iran was in line with overall growth in the country’s imports of Middle Eastern crude, while volumes from regions such as the Caribbean and Latin America declined.