India, oil's fastest growing buyer, guzzling Iran's crude as sanctions loom

India, which imports over 80% of its oil, is attracted to Iran's crude largely due to geographic proximity that can save on shipping costs

The world’s fastest-growing oil consumer is guzzling down Iranian crude before US sanctions start squeezing supplies from the Persian Gulf nation.

India imported 771,000 barrels of crude oil a day from Iran in May, a 35 per cent rise from the previous month, tanker tracking and shipping data compiled by Bloomberg show. This pushed the Islamic Republic up the ranks as the second-biggest supplier to the Asian nation, overtaking Saudi Arabia. Iraq retained the top position.

There is “a ratcheting up of competition among suppliers to capitalise on the Indian market as the country’s demand for oil grows,” said Abhishek Kumar, senior