American and Venezuelan oil exports to India have surged as a result of U.S sanctions against Iran. Targeting the Islamic Republic’s lucrative oil sector has impaired the longstanding energy trade between New Delhi and Tehran, forcing India to diversify its energy suppliers.
The Vadinar Refinery complex operated by Nayare Energy in Vadinar, Gujarat. American and Venezuelan oil exports to India have surged as a result of U.S sanctions against Iran. By targeting the Islamic Republic’s lucrative oil sector, sanctions have impaired the longstanding energy trade between New Delhi and Tehran, forcing India to diversify its energy suppliers.
But the Trump Administration’s withdrawal from the Iran deal in May 2018 and the renewal of sanctions ultimately forced India to again significantly curb its imports of Iranian crude. India found itself in a familiar position: either end the Iranian imports or jeopardize its access to the American financial system as a consequence of U.S. secondary sanctions.
Toward this end, the U.S. has emerged as one of India’s top suppliers of crude oil in recent months. In fact, exports of American crude to India have outpaced the country’s other traditional sources, particularly in the Middle East. Industry data indicates that India bought roughly 184,000 bpd of oil from the U.S. between November 2018 and May 2019, compared with approximately 40,000 bpd in the same period a year earlier.
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