12 April, 2012

Iran's top oil client is not China but India

Direct imports to India from Iran were 433,000 barrels per day (bpd) in the first quarter compared with 256,000 bpd to China, according to data compiled by Geneva's Petrologistics and seen by Reuters via an industry source.The Indian import figure was up by around 23 percent from the 351,0000 bpd imported over the same period of 2011 and significantly above the its 2011 average of 326,000 bpd.

The top Indian oil importer in the first quarter was Essar Oil, buying 142,000 bpd compared with 88,000 bpd in the first quarter of 2011,Historically, Iran's biggest Indian oil client was Mangalore Refinery and Petrochemicals Ltd (MRPL), which bought 110,000 in the first quarter, down from 162,0000 bpd in 2011, the data showed. Indian Oil Corp stepped up imports to 85,000 bpd from just 11,000 bpd in the same quarter of 2011, it showed.

Well the hike in petrol Prices makes sense but i think the prices have been inflated too much beyond their limits