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Iraq remains top oil supplier to India
Why is it in news?
- 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.
More in news
- Data points: According to data sourced from the Directorate General of Commercial Intelligence and Statistics, Iraq sold 2% more crude oil to India during April 2018 and March 2019 than it had supplied in 2017-18 fiscal.
- Saudi dethroned: 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.
- Ranking of India’s largest crude supplier:(1) Iraq(2) Saudi Arabia(3) Persian Gulf nation was the third largest crude oil supplier to India.(4) UAE(5) Venezuela(6) Nigeria
- Sanction impact: Iran was 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 seventh spot in subsequent years.
Source
The Hindu