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India’s July Iran oil imports up on the year, down on the month

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/08/2015 (13:20)
According to media reports, India’s crude oil imports from Iran increased 2.4% in July year over year to reach 215,400 barrels per day following Iran’s landmark nuclear deal with 6 world powers. However, imports of Iranian crude oil to India dropped 24% compared to the previous month.

According to data from the Indian government, Iran was the second-largest crude oil supplier to India in 2007 before sanctions were put into place. By 2014-2015, however, Iran slipped to seventh place on the list of the top oil suppliers to India.

Following the nuclear deal signed in Vienna, economic sanctions on Iran are set to be gradually removed. The country now aims at investing around $185 billion in oil and gas by 2020 in order to regain its market share.
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