Iran pulls ahead in race to supply India with oil
EghtesadOnline: The latest reports indicated that The Islamic Republic of Iran is on the front of the competition for market share in the world’s fastest-growing oil consuming nation, India.
According to Bloomberg, Iran is pulling ahead in the race for market share in India, weakening the hold of rival Organization of Petroleum Exporting Countries (OPEC) members amid the group’s struggle to agree on output cuts.
Iran, which dramatically boosted crude sales in 2016 after they were curbed for years by sanctions over its nuclear program, is challenging the sway of Saudi Arabia and Iraq as it offers perks for refiners to help rebuild its standing in Asia’s third-largest economy, IRNA reported.
Cargoes to fill strategic petroleum reserves helped Iran emerge last month as India’s biggest supplier for the first time in 2016, according to data compiled by Bloomberg.
Iran’s progress in building market share assumes significance amid a glut that’s more than halved oil prices since 2014.
Members of OPEC meet Wednesday (Nov 30) to try to finalize the terms of a production decrease with some countries, including Iran, reluctant to agree to reductions.