According to shipping data, Iran overtook Saudi Arabia as the largest oil supplier to India in October 2016, with 789,000 bbl/d from Iran compared to 697,000 bbl/d from Saudi Arabia. Saudi Arabia remains the largest supplier over the 10-month period, with an average 830,000 bbl/d, followed by Iraq (784,000 bbl/d) and Iran (456,400 bbl/d). Iran used to be the second largest oil supplier to India before the Western sanctions over its nuclear programme and was overtaken by Iraq. However, the sanctions were lifted in January 2016, leading to surging oil supply from Iran to India.
Iran currently produces nearly 4 mb/d and exports 2.4 mb/d (up from 1 mb/d during sanctions compared to 3 mb/d in 2011, before sanctions). The country aims to restore its market share before considering any production cut.
Saudi Arabia remains the largest oil producer worldwide, maintaining high production levels since mid-2014 to defend its market share against rival producers. In September 2016, its average production reached 10.65 mb/d and its monthly crude oil exports reached record high 7.8 mb/d. Exports of oil products declined by 1.5% to 1.35 mb/d.