Iran produces 3.8 million bpd of crude and is the third-largest producer of the Opec. India’s scheduled crude oil loadings from Iran, excluding condensate, an ultra-light oil, were about 550,000 bpd last month, up 78% from the previous month and the highest since March, according to the people aware of the development. Taiwan also loaded Iranian oil last month. December also marked Petronas’ scheduled first purchase of Iranian crude since the Malaysian state oil firm halted Iranian oil imports in 2012 after Western sanctions targeting Tehran’s nuclear programme made it difficult to pay and ship the oil, according to the person. The deal came after Iran offered spot cargoes and reduced official selling prices for December loading to entice buyers.

Source: Mint January 16, 2018 08:48 UTC