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Current Affairs

Iraq for 2nd time is India's top oil supplier

Date: 02 May 2019 Tags: External Sector

According to data from Directorate General of Commercial Intelligence and Statistics, Iraq for the second year in row has become India's top crude oil supplier.

Iraq sold 46.61 million tonne of crude oil to India during April 2018 and March 2019, 2% more than 45.74 million tonne it had supplied in 2017-18 fiscal.  It accounted for than fifth of India’s oil needs in 2018-19 fiscal year from India.

India’s top oil suppliers

  • India imported 207.3 million tonne (mt) of crude oil in 2018-19, down from 220.4 mt in the previous financial year. India is 80% dependent on imports to meet its oil needs.
  • Saudi Arabia: It was traditionally India's top oil source, but for the first time dethroned by Iraq in 2017-18 fiscal year. In 2018-19, Saudi Arabia exported 40.33 mt of crude oil, up from 36.16 mt of oil sold in the previous year.
  • Iran: It was the third largest crude oil supplier to India. It sold 23.9 mt of crude in 2018-19, up from 22.59 mt in the previous year. Now India has stopped importing crude oil from Iran following re-imposition of economic sanctions by the US.
  • UAE: It was fourth-largest crude supplier. It sold 17.49 mt of crude oil to India.
  • Venezuela: It was fifth largest supplier. It had supplied 17.32 mt of oil.  In 2017-18, Venezuela had supplied 18.34 mt and UAE 14.29 million tonne.
  • Nigeria: It is sixth largest supplier with 16.83 mt of exports in 2018-19, down from 18.11 mt in the previous year.
  • Kuwait: It was seventh largest supplier. It had supplied 10.78 mt of oil and Mexico another 10.28 mt.

Increase in share of US

US had started selling crude oil to India in 2017. Since then it is fast becoming a major source. Supplies from US jumped more than four-fold to 6.4 mt in the 2018-19 fiscal year.  In 2017-18 i.e. in first year of imports from US, the supplies were at 1.4 mt.