Amid threats of sanctions from the US, exports of the Country’s oil to both India and China fell drastically, and Iran saw a surge in its crude exports.
According to reports the Indian buyers of oil forced a dip in US oil exports in September to the tune of nearly 84,000 barrels per day (bpd), which is 75 per cent lower when compared to the month of August. India accounted for almost 12 per cent of total oil exports of the US for the month of June, reported Kpler.
Meanwhile, Iran which is standing on the threshold of US sanctions saw a rise in demand of its crude.
If reports are to be believed, Indian purchasers increased the Iran oil exports to 502,000 barrels per day, a lift of nearly 111,000 barrel per day when compared to August this year. This according to experts is what dislodged the US crude export.
The US also saw a dip in its export of oil to China because of the recent tussle in trade relation between the two countries. The gainer in this development was Iran with the country witnessing a spike in its crude export to the tune of 29,000 barrel per day. Iran’s oil export to China increased to 620,000 barrels per day.
In fact, export of US crude fell in all Asian countries. The fall has been estimated at around 73,000 barrel per week, and has come down to 427,000 barrel per day.
Moreover, US oil exports to Europe also fell to 102,000 barrel per day to close at 543,000 barrels per day. The data has been released by Kpler and shows figures of the previous week.