NEW DELHI: Earlier this month Unipec, China’s main oil importer and the trading arm of the world’s largest refiner by capacity Sinopec, suspended US shipments. This is believed to deflect some heat from US sanctions on Iran away from India and give New Delhi some Iranian oil flowing even after the curbs.
Trade war continues between US and China
Replacing Saudi Arabia, Iran became as India’s second largest crude supplier in the first quarter of current fiscal. It was also India’s second largest oil supplier after Saudi Arabia till 2010-11.
It dropped to seventh position after India reduced import of Iranian oil to meet conditions of waiver granted by Barack Obama.