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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.
Iran has since late 2013 been locked in talks with world powers in an attempt to settle a decade-long dispute over the country’s nuclear program. The US and its allies fear Iran is developing nuclear weapons, a charge Tehran has repeatedly dismissed.
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