Even as President Donald Trump issued a warning Monday to Iran against threatening the United States, and Secretary of State Mike Pompeo tore into the Iranian leadership during a speech Sunday, it looks like the harsh rhetoric from the U.S., along with the renewal of sanctions against the oil-rich country, would not hurt Iran’s economy too much. Two of the world’s largest consumers of crude oil — China and India — are increasing their import of Iranian crude, the mainstay of the Middle Eastern country’s economy.
Between April and June, India imported 5.67 million tons of Iranian crude, or 457,000 barrels per day, a figure that moved Iran above Saudi Arabia in Indian crude imports (Iraq is India’s biggest supplier of oil) for the quarter, according to data made public Monday by India’s oil minister Dharmendra Pradhan.
After the large-scale international sanctions on Iran were lifted in January 2016, the country has been offering discounts on its oil exports, longer credit periods and cheap shipping to attract importers, a deal that Indian refineries have taken advantage of. For the ongoing fiscal year, they plan to import almost twice the amount of Iranian oil compared to the previous fiscal.