India’s biggest buyer of Iranian oil, MRPL, has bought Azeri, Saudi and Emirati crude to replace imports from Iran in July and it may halt purchases from Tehran altogether as sanctions make shipments more difficult, Reuters
reported Monday, July 16. Loss of exports to Mangalore Refinery and Petrochemicals (MRPL) would be a blow to Iran, which has seen overseas sales decline by more than half from a year ago due to U.S. and European Union sanctions. The sanctions against Iran’s nuclear program are meant to cut the country’s oil revenues. MRPL’s move highlights the gradual increase in share of non-Iranian supplies in the world’s fourth-biggest oil importer’s crude basket and the emergence of new trade routes as Tehran’s exports decline.