Iran outpaces Saudi Arabia as India’s major oil supplier
Director of Bharat Petroleum reportedly said that Iranian crude is a better alternative to Saudi crude with its better yield pattern and short delivery and that it is likely to have a higher share in the Indian market along with Saudi and Iraqi crude.
According to the shipping data from Bloomberg, Iran’s October supplies increased by 56% to 759,700 barrels/day while Saudi supplies were 717,000 barrels/day and Iraq’s were 488,000 barrels/day.
In the July-September period, Iran’s crude supply to India reportedly grew by 51% when compared to the second quarter. Saudi Arabia’s sales to India increased by 10% whereas Iraq’s supplies decreased by 8% on a quarterly basis.
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