India has replaced China as Iran’s biggest oil importer, the Hindustan Times reported today. According to data compiled by Geneva's Petrologistics Oil exports to India from Iran were 433,000 barrels per day (bpd) in the first quarter of 2012, compared with 256,000 bpd to China.
Iran traditionally sells most of its 2.2 million barrels per day of oil exports in Asia, where China, India, Japan and South Korea are the four biggest buyers. Iran's crude oil exports fell by around 300,000 bpd to 1.9 million bpd in March, with customers in Europe making deep cuts ahead of an EU embargo due to be implemented on 1 July.
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