IRANIAN OIL TO INDIA: 540 TBD
IRNA - Iran's crude oil export to India for the fiscal year 2016-2017 increased to 540,000 barrels per day showing a three-fold rise in comparison with the preceding year.
According to information presented by the shipping companies and published by India's media on Saturday, India's oil import from Iran on February increased by 17 percent as compared to January, 2017.
By this amount, Iran could re-take its position from Iraq as the second oil erxport to India as it was before the sanctions were imposed against Iran.
India's oil import from Iran in February was totally 647,000 bpd, which was almost 3 times as compared to February 2016.
According to the published reports, India's oil import from Iran in March increased by 4.7 percent as compared to the same period of the preceding year.
Decision made by a number of OPEC member-states to reduce oil production output; India's oil import from Iran increased 92 percent in the first three months of the year to 573,400 bpd.
China and India are the largest Iran's oil purchasers in the world.
Iran is exporting 2.8 million barrels a day of oil and gas condensates now, which was one million during the sanctions era.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.