In November 2016, there was a decrease of 19 % in the oil imports of India coming from Iran. Saudi Arabia and Iraq increased their sales to India after this happened and again became the top two oil suppliers.
In November, to 620,000 barrels per day the imports from Tehran had gone after the sanctions against were lifted previously this year. 765,500 bpd had been shipped In October 2016 which was more than that of November. To cut down on production to boost the weak oil prices, along with other producers had decided the fall in shipments happened after OPEC (Organization of Petroleum Exporting Countries) members. About cutting down the production, Iran was first worried and it is a member of OPEC. In the production, the largest oil producer Saudi Arabia took the largest cut, from cutting down, Iran also agreed.
In between January-November 2016, Shipments of oil from Iran to India increased more than 200% from 205900 bpd in the same period of 2015 to 468,900 bpd. In between January-November 2016, India on an average imported 4.28 million bpd oil that was 7.6 percent more from the 3.98 million bpd last year. From April-November 2016, The Iranian oil imports to India spiked up by 126% to 532,100 bpd. In total purchases, the share of Iran increased to 12.5 % from 5.9 %.
