- According to the Directorate General of Commercial Intelligence and Statistics, Iraq has, for the second year in a row, become India’s top crude oil supplier, meeting more than a fifth of the country’s oil needs in 2018-19 fiscal year.
- During April 2018 and March 2019, Iraq sold 46.61 million tonnes (mt) of crude oil to India , 2% more than 45.74 mt it had supplied in 2017-18 fiscal.
- India provisionally imported 207.3 mt of crude oil in 2018-19, down from 220.4 mt in the previous financial year.
- In 2018-19, Saudi exported 40.33 mt of crude oil, up from 36.16 mt of oil sold in the previous year. In fact, Saudi Arabia has traditionally been India’s top oil source, but it was for the first time dethroned by Iraq in 2017-18 fiscal year.
- Iran sold 23.9 mt of crude in 2018-19, up from 22.59 mt in the previous year, and remains third largest supplier.
- UAE topped Venezuela to become India’s fourth-largest crude supplier.
- Supplies from the U.S. jumped more than fourfold to 6.4 mt in the 2018-19 fiscal year. In 2017-18, the first year of imports from the U.S., the supplies were at 1.4 mt.
