Lower Indian buying has hit Iran’s export volumes.

Deliveries of Iranian crude oil and condensate fell to their lowest level in three months in January, as three of Iran’s four top oil customers China, India and South Korea reduced purchases from December 2014 levels. And with Indian refiners under intense government pressure to cut their intakes of Iranian crude over the coming months to present – at least symbolically – an effort to comply with US sanctions on Iranian crude oil exports, this is a downward trend one can expect to see continuing for some months yet. (CONTINUED - 737 WORDS)