India Overtakes China As Largest Importer Of Iranian Crude

India has finally overtaken China as the largest importer of Iranian oil during the first quarter of this year. They achieved this due to a surge in buying ahead of the EU sanctions, due to take effect in July, which could severely reduce supply, and the fact that China has reduced its own purchases in a conflict over new contract negotiations. During the first quarter of 2012 Indian imports were up by 23 percent from 2011 levels of 351,00 barrels per day (bpd) to 433,000 bpd, and more than China’s 256,000 bpd. In fact whilst India’s…

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