December 2016 Current Affairs

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Iran becomes India’s top crude oil supplier

Iran becomes India’s top crude oil supplier
19 November 2016 Current Affairs: Iran for the first time ever has surpassed Saudi Arabia to become India’s top crude oil supplier. It was revealed by ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts. Earlier, Iran used to be India’s second-biggest oil supplier after Saudi Arabia till 2010-11. However, it had ceded its position to Iraq after the tougher western countries sanctions imposed on Iran over its nuclear development programme.

India’s oil imports from Iran have shot up after sanctions were lifted in January 2016. In October 2016, oil imports from Iran surged more than threefold as compared October 2015. In October 2016, India imported 7,89,000 barrels per day (bpd) from Iran compared to 6,97,000 bpd supplied by Saudi Arabia. In the January to October 2016 period, Saudi Arabia still holds India’s top supply spot, at an average of 8,30,000 bpd against Iraq’s 7,84,000 bpd and Iran’s 4,56,400 bpd.

Iran produces almost 4 million bpd of oil and exports 2.4 million bpd. Its arch rival Saudi Arabia, has increased its capacity to refine oil rather than exporting more crude. Iranian price discounts has attracted purchases from India’s programme to build up its strategic petroleum reserves (SPR). For the SPR stocks, India imported 2 million barrels of Iran and is going to import another 4 million barrels in November 2016. Besides, buyers of Iranian oil which had stopped imports during the sanctions period again have returned. It includes, Indian refiners including Reliance Industries Ltd, operator of the world’s biggest refinery complex at Jamnagar.

 


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
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