India is turning to Iran for 6m barrels of crude oil as it seeks to build up its strategic reserves, after talks with United Arab Emirates (UAE) stalled.
Iranian crude export to the Asian markets in February jumped by about 25% from a year earlier to levels last seen in 2014, as latest market figures show.
The Ministry of Petroleum seeks to expand its foreign activities through oil and gas production in Iraq.
China records crude imports drop over 4.6%, net fuel exports fall by 76% month-on-month in January and gross fuel exports decline by 30% month-on-month.
China plans to allow foreign investors to trade its proposed crude futures contract as the world’s second-largest oil consumer seeks to bolster its influence in determining benchmark prices.