Iran became third main supplier of crude oil to India
Iran ceded only to Saudi Arabia and Iran in supplying of crude oil to India over the last two years. On Wednesday, February 15, told PTI.
It has overtaken Venezuela, Nigeria and UAE to become India’s third largest supplier in April-December period of 2016-17.
Iran sold 19.8 million tons of crude oil to India in the nine-month period, officials said. This behind Saudi Arabia’s 30.3 million tons and 29.1 million tons sourced from Iraq.
In full 2015-16 fiscal, Iran had supplied 12.7 million tons of crude oil to India. That year Saudi Arabia had sold 40.4 million tons of oil to India with Iraq chipping in 26.8 million tons. Venezuela supplied 23.6 million tons, Nigeria 23.4 million tons and the UAE 15.7 million tons.
Iran was India’s second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its nuclear program relegated it to the 7th spot in subsequent years.
In 2013-14 and 2014-15, India bought 11 million tons and 10.95 million tons respectively from Iran, officials said.
Easing of western sanctions a year ago has led to Indian refiners raising their purchase from Iran.
During April-December 2016-17, Venezuela supplied 17.5 million tons of oil, the UAE 13 million tons and Nigeria 12.8 million tons.
Kuwait, which was third largest supplier in 2013-14 has steadily slipped, supplying just 7.6 million tons in first nine months of 2016-17 fiscal.
Iran in 2008-09 sold 21.81 million tons oil to India, which came down marginally to 21.19 million tons in the following year. It fell to 18.49 million tons in 2010-11 and to 17.44 million tons in 2011-12.
After the imposed sanctions, India brought down the purchases to 13.14 million tons in 2012-13 and had limited them in the years thereafter.
Officials said India imported 161.7 million tons of crude oil in the April-December period this fiscal, 64.2 percent of which came from the Middle-East region.
India spent $50.62 billion on crude oil imports during the nine months.
Source: iran-daily.com