India imported a record 1.083mn b/d from Saudi Arabia in January, the second time in three months that India has imported more crude from Saudi than habitual top supplier Iraq (see chart). This was despite the 1.014mn b/d that India took from Iraq in January being well up on the 2018 average of 956,000 b/d. Saudi was number two for 2018 with 790,000 b/d (MEES, 22 February).

India took 368,000 b/d from Iran, a three-month high, though average volumes of 293,000 b/d since November are...