Thursday, August 16, 2012

India third largest importer of Iran crude oil

                                                               Data source: The Financial Times
                                                                      *First quarter of 2011

The US has been imposing sanctions on Iran in order to curb its nuclear programme. But an article in Financial Times points out that curtailing Iran's oil exports may be difficult. This is because Iran is a major exporter of oil, accounting for about 5.2% of the world's total output in 2011. As such, sanctions on Iran can have significant consequences on world oil prices. Today's chart of the day shows the countries that are major importers of crude oil from Iran. Emerging economies are among major importers of crude oil from Iran. It must be noted that India is free from US sanctions as the latter had granted exemptions to over a dozen emerging economies in June 2012.

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