Iran Pulls Ahead in Race to Supply India With Oil

29 Nov 2016   India, Iraq

Iran is pulling ahead in the race for market share in the world’s fastest-growing oil consuming nation, India, weakening the hold of rival 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. 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 the Organization of Petroleum Exporting Countries meet Wednesday to try to finalize the terms of a production decrease with some countries, including Iran, […]

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