In a historic development, Iraq toppled Saudi Arabia to become the largest crude oil supplier for India, the world’s fastest-growing oil consumer, last financial year (2017-18). Iraq’s rise in supply — with crucial ramifications for India’s crude mix — is mainly attributed to Indian refiners’ growing hunger for heavier grades of crude and Saudi Arabia’s decision to over-confirm on output cuts decided in the January 2017 OPEC meet.
Fresh data sourced from Director General of Commercial Intelligence and Statistics (DGCIS), an arm of the commerce ministry, showed India imported 220 million tonne (MT) crude oil last financial year, 3 per cent more than 214 MT imported in the previous fiscal (2016-17). In value terms, the country’s crude oil imports rose 25 per cent to $87.8 bn in 2017-18.
Oil imports from Iraq jumped 21 per cent to 45.74 MT in 2017-2018 from 37.75 MT imported in 2016-17. In value terms, India imported $17,544 million worth of crude oil from Iraq last financial year, a huge 51 per cent increase over $11,617 million worth of crude imported from that nation in the previous fiscal. Read More
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