OLEM - India's Big Potential Good News For Shipping?
India, the world's second-biggest crude oil importer, absorbed around 9.5% of global trade flows last year. The country has been recently switching to new suppliers of crude oil, having an impact to the rest of the global market. Data available by IHS Markit's Commodities at Sea[1] suggests, the country used to import around 9.5 million barrels (Mn bbl) of Iranian crude oil per month in 2017, which then reached 11.7 Mn bbl in 2018. But the bilateral trade between the two has been rather volatile, with a strongly declining trend developed in the second