• India’s oil imports from Iraq, Nigeria and UAE increase in Nov 2019

    India’s oil imports from Iraq, Nigeria, and United Arab Emirates (UAE) increased in November 2019 as compared to the corresponding month a year ago as the country tries to replace Iranian and Venezuelan crude.

    With Iranian crude out bounds for India since the middle of last year, the country’s oil imports from Iraq, Nigeria, and the United States (USA) have increased sizeably during the first eight months (April-November) of financial year 2019-20 (FY20) as compared to the corresponding period a year ago. India had imported 19 million tonne (mt) of Iranian crude in the April-November period of FY19.

    India’s oil imports from Iraq increased 25 per cent to 4.72 mt in November last year, as compared to the year-ago period. Overall, India’s oil imports from Iraq increased 10.25 per cent to 33.44 mt in the first eight months of FY20. Iraq had replaced Saudi Arabia to become the largest oil supplier to India in FY18.

    India’s oil imports from Saudi Arabia in the month of November 2019 declined marginally to 4.27 mt, as compared to the year-ago period. Overall, oil imports from Saudi Arabia increased marginally to 27.97 mt in the first eight months of FY20, as compared the corresponding period a year ago.

    Oil imports from Nigeria increased 59 per cent to 2.08 mt in November 2019, as compared to the year-ago period. Overall, oil imports from Nigeria in the first eight months of FY20 increased to 12.25 mt, as compared to the corresponding period a year ago. The country replaced Iran to become the third-largest crude oil supplier to India in FY20.

    Oil imports from Venezuela declined to 0.98 mt in 2019, as compared to 1.83 mt imported in the year-ago period.

    India’s overall oil imports during the first eight months of the FY20 declined marginally by one mt to 150 mt.

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