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Crude oil imports
Why is it in the news?
- India’s crude oil imports from the U.S. have jumped by over 72% in the first five months of the current fiscal.
- India is looking to diversify oil purchases beyond its traditional suppliers in West Asia.
More in the news
- The U.S. supplied about 4.5 million tonnes of crude oil in April to August 2019, as compared to 2.6 million tonnes in the same period a year ago.
- Iraq continues to be India’s top crude oil supplier, meeting close to one-fourth of the country’s oil needs.
- Iraq sold 21.24 million tonnes of crude oil to India during April to August.
- Saudi Arabia has relegated to the second spot, exported 17.74 million tonnes of crude oil.
- India stopped importing crude oil from Iran following the reimposition of economic sanctions in May by the U.S.
- Nigeria grabbed the third spot vacated by Iran.
- India provisionally imported 91.24 million tonnes of crude oil in April-August 2019, down from 93.91 million tonnes a year ago.
Source
The Hindu.