Iran and oil imports

By Finance

Global oil trade is influenced by political factors. Iran restrictions to import oil hit the world imports of oil.
Islamic Republic of Iran which once hit almost 13% of India’s total crude oil requirement, has dropped dramatically, if import numbers for April-November last year are an indicator.
Generally of 118.9 million tonnes during this time, only 7% was from Iran shows the statistics.
The domestic refineries (18 from public sector and 2 from private sector) imported 15.074 million tonnes (mt) of oil in November 2012 (14.850 mt in November 2011).
Import of crude oil from Iran is dropping last years. Statistics shows 21.2 mt imports in 2009-10, it fell to 18.50 mt in 2010-11 and 18.11 mt in 2011-12.
If the political situation continues to be the same the crude oil imports will not change.
If we take the period April-November last year 63% of total imports came from West Asia. Saudi Arabia is the largest supplier with 19% of total imports if we take the same period.