India purchased about 700,000 barrels of crude oil from Iran in March hitting a record high in the history of the two countries oil trades, according to a statement by Oil Ministry.
Iran's oil exports to India were over 50% higher than that of last fiscal year (ended March 20, 2018), which stood at around 450,000 bpd. The country was India's second-biggest supplier after China.
The sharp increase has secured Iran's position among New Delhi’s suppliers, Shana reported. The East Asian country was among the countries that did not pull out of Iran's market when western states imposed nuclear sanctions.
After the implementation of the historic nuclear deal in 2016, Iran has been making every effort to regain its share in the oil and gas market.