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Iraq Replaces Iran As India's Second-Largest Crude-Oil Supplier

Iraq has replaced Iran as India's second-largest crude-oil supplier in the recently ended financial year, preliminary government data showed Wednesday, as New Delhi cut shipments from Tehran ahead of impending sanctions from the U.S. and the European Union.
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Τετ, 16 Μαΐου 2012 - 18:01
Iraq has replaced Iran as India 's second-largest crude-oil supplier in the recently ended financial year, preliminary government data showed Wednesday, as New Delhi cut shipments from Tehran ahead of impending sanctions from the U.S. and the European Union.

Saudi Arabia maintained its position as the largest oil supplier, while Iran slid to fourth spot in the year ended March 31, according to the data compiled by India 's oil ministry that was reviewed by Dow Jones Newswires.

India 's oil shipments from Iraq surged 43% to 24.51 million tons, or 490,900 barrels a day, the data showed.

The South Asian country also increased oil imports from Saudi Arabia and Kuwait , helping to offset lower imports from Iran .

Shipments from Iran fell 5.7% in 2011-12, to 17.44 million tons, or 349,300 barrels a day, as access to Iranian oil has been complicated by insurance and bank settlement obstacles set up by the West as part of efforts to block the Islamic Republic's sales networks and force it abandon an alleged program to develop nuclear weapons.

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