India’s Oil import (data from the Directorate General of Commercial Intelligence and Statistics):
- Total crude oil import: India imported 207.3 mt of crude oil in 2018-19, down from 220.4 mt in the previous financial year. India is 80 % dependent on imports to meet its oil needs.
- Iraq: 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. Iraq sold 46.61 million tonnes (mt) of crude oil to India in 2018-19.
- Saudi Arabia: 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. In 2018-19, Saudi exported 40.33 mt of crude oil.
- Iran: While India stopped importing crude oil from Iran following reimposition of economic sanctions this month by the U.S., the Persian Gulf nation was the third largest crude oil supplier to India. It sold 23.9 mt of crude in 2018-19, up from 22.59 mt in the previous year.
- UAE: UAE crossed Venezuela to become India’s fourth-largest crude supplier. It sold 17.49 mt of crude oil to India.
- Other countries: Nigeria was the next biggest supplier with 16.83 mt of exports in 2018-19, down from 18.11 mt in the previous year. Kuwait supplied 10.78 mt of oil and Mexico another 10.28 mt.
- United States: The U.S., which began selling crude oil to India in 2017, is fast becoming a major source. Supplies from the U.S. jumped more than fourfold to 6.4 mt in the 2018-19 fiscal year.
