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Iran overtakes Saudi Arabia as top oil supplier to India

Iran overtook political rival Saudi Arabia as India’s top oil supplier in October, shipping data showed, just ahead of a producers’ meeting this month to hammer out the details on output cuts aimed at reining in a global glut.
●    Iran used to be India’s second-biggest oil supplier.
●    Over the whole January to October period, though, Saudi Arabia still holds India’s top supply spot, at an average of 8,30,000 bpd versus Iraq’s 7,84,000 bpd and Iran’s 4,56,400 bpd.
●    The surge is also thanks to Iranian price discounts, which attracted purchases from India’s programme to build up its strategic petroleum reserves (SPR). 
●    Last month, India took in 2 million barrels of Iranian crude for the SPR stocks, and another 4 million barrels is expected to be shipped in November.
●    In the first seven months of its fiscal year, between April and October, India imported 5,23,200 bpd from Iran, compared to 2,49,100 bpd for the same period a year ago.