Iraq overtakes Saudi Arabia as India’s top oil supplier

Iraq has become Top crude oil supplier to India by overtaking Saudi Arabia for the first time in the current fiscal year. The has been made possible by the crude oil sales at heavy discounts by Iraq to India.

Iraq overtakes Saudi Arabia as India's top oil supplier

Earlier it was Saudi Arabia who had been at top for long time but in the April-October period of 2017-18, Iraq supplied 25.8 million tonnes (MT) of oil to India and overtaken Saudi Arabia.

After Saudi at second position its Iran who is at third place in terms of crude oil supply to India by selling 12.5 MT oil during the period. Earlier it was Iran, India’s second biggest supplier of crude oil after Saudi Arabia till 2010-11. But western sanctions over its suspected nuclear programme relegated it to the 7th spot in the subsequent years. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it.

Here is the list of Top Crude Oil suppliers to India:

  1. Iraq
  2. Saudi Arabia
  3. Iran
  4. Venezuela
  5. Kuwait

India is highly dependent on import of crude oil to fulfil its oil requirements. As per the statistics, India imports 80 per cent oil to meet its oil needs. Indian refiners have further increased their purchase from Iran after the easing of western sanctions in 2015.

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