Last November, oil import of India dropped down to 19%. This in return resulted in Saudi Arabia to be in the top position of seller pushing back Iraq to number two in the list. This was due to growth in the sale by both regional rivals to India which is said to be at third position in the list oil consumers.
According to the sources and the report drafted by Thomson Reuters Oil Research and Forecast, the total sale in the month of November was 620,000 barrels of oil/day. This sale witnessed a growth in the month of October with a number of 765,000 barrels of oil/day. This showed a difference of 138,100 barrels of oil/day, which is exactly 19% of slide in the import for the month of November.
The turnover of India on an average for the period of January–November was 4.28 Million barrels of oil/day. The situation for last year was different. It was comparatively less. The average for last year was 3.98 Million barrels of oil/day.
For the first 6 months of the financial year April to November the oil import from Iran on an average raised to 126% by 532,100 barrels of oil/day.
What do you think amigos? Will the import slide much further? Will Saudi be able to sustain at the top position? What are your thoughts? Feel free to share your views and let us know your comments on the current situation.