NEW DELHI, Oct. 8 (UPI) -- Iranian dominance in the Indian oil sector is declining in favor of Middle East and Latin American suppliers, refinery information indicates.
Pressure on the Iranian energy sector pushed Iraq to the No. 2 spot behind Saudi Arabia in terms of oil exports to India, reports The Hindu newspaper.
European sanctions on the Iranian energy sector include action that targets insurance to tankers carrying crude oil from the Islamic republic.
An Indian shipping company in early August said it would offer state insurance to tankers carrying Iranian crude oil to continue deliveries, however.
Nevertheless, the newspaper reports that Iraq, Kuwait, Nigeria, United Arab Emirates and Venezuela passed Iran in terms of oil exports to India during the first four months of the year.
The report stated that India's Mangalore Refinery and Petrochemicals Ltd. saw imports from Iran decline nearly 25 percent while Essar Oil said it expects a decline of around 15 percent.
Iran, before sanctions went into force, delivered enough oil to India to meet around 12 percent of the country's energy demands each year.