Iraq overtakes Saudi Arabia as India’s top oil supplier

19/12/2017 Argaam

 

Iraq has overtaken Saudi Arabia for the first time to become India’s largest crude oil supplier in the current fiscal year, Press Trust of India reported, citing Indian oil minister Dharmendra Pradhan.

 

Saudi Arabia supplied 21.9 million tonnes (MT) of crude to India between April and October 2017, while Iraq supplied 25.8 MT, topping the list of exporters for the period.

 

The Middle East accounted for 79.9 MT of crude oil supplies for the current fiscal 2017-2018 so far, Pradhan said.

 

India, which is 80 percent dependent on imports to meet its oil needs, saw its reliance on the Middle East for its crude oil needs rising to 63.5 percent during the April-October period, from 58 percent in 2014-15, the minister added.

 

The country has so far imported 125.8 MT of crude oil, worth $45.1 billion, in the April-October period.

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