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Iraq - India’s top oil supplier
December 21 , 2017
2402 days
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- Iraq has overtaken Saudi Arabia for the first time to become India's top crude oil supplier in the current fiscal.
- This has been made possible by the sale of heavy crude oil at discounted price by Iraq to India.
- After Saudi at second position, its Iran who is at third place in terms of crude oil supply to India.
- India is highly dependent on import of crude oil to fulfil its oil requirements. As per the statistics, India imports 80 per cent oil to meet its oil needs.
- Earlier it was Iran, India’s second biggest supplier of crude oil after Saudi Arabia. But western sanctions over its suspected nuclear programme relegated it to the 7th spot in the subsequent years.
- Indian refiners have further increased their purchase from Iran after the easing of western sanctions in 2015.
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