Summary India, the world’s second-biggest crude oil importer, absorbed around 9.5% of global trade flows last year. Despite India being one of the eight waivers, the countries excluded from the US re-imposed sanctions against Iran, some charterers of the country have been avoiding Iranian volumes, replacing them quickly with other countries in the Middle East Gulf. Due to potential risk involved in relying on Venezuelan volumes, some charterers decided to switch to other neighbouring producers, such as Brazil and Colombia. India, the world’s second-biggest crude oil importer, absorbed around 9.5% of global trade flows last year. The country has […]
India’s Big Potential, Good News For Shipping?
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