Saudi pips Iraq as top oil supplier to India

Saudi Arabia replaced Iraq as top oil supplier to India in July after a gap of more than a year, according to data from industry and shipping sources, as a higher intake of Iranian oil ahead of US sanctions altered trade routes.

Many European refiners are winding down purchases of Iranian oil after the United States imposed sanctions on Tehran, leading to higher supplies to Asia, mainly India and China.

The United States in May quit the 2015 nuclear deal and announced reimposition of sanctions on Tehran. While some sanctions were implemented from Aug. 6, those affecting Iran’s petroleum sector will come into force from Nov. 4.