Iraq overtakes Saudi as India’s top oil supplier

06/03/2018 Argaam

 

Iraq has overtaken Saudi Arabia to become India’s largest crude oil supplier during the April 2017 to January 2018 period, Press Trust of India reported on Monday, citing Indian oil minister Dharmendra Pradhan.

 

Saudi Arabia supplied 30.9 million tonnes (MT) of crude oil in the first ten months of the current fiscal, while Iraq supplied 38.9 MT, topping the list of exporters for the period, the news agency said.

 

The Middle East accounted for 117.5 MT of crude oil supplies for the current fiscal 2017-2018 so far, the minister noted.

 

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 63.7 percent in the April-January period from 58 percent in 2014-15.

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