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(Iraq oil refinery)
In the current fiscal (April-January period of 2017-2018)Iraq has overtaken Saudi Arabia for the first time to become India’s top crude oil supplier.
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(oil refinery in Iraq)
Saudi Arabia has been the top oil source for India. As per the answer to the question in the Lok Sabha (lower house of the Indian Parliament), Oil Minister Mr Dharmendra Pradhan stated that Iraq dethroned Saudi Arabia as the top oil supplier in the April- January period of 2017-2018. Mr Pradhan said that Saudi Arabia supplied 30.9 MT of crude oil in the first 10 months of the current fiscal and Iraq dethroned Saudi Arabia by supplying 38.9 MT of crude oil.
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Iran continues to be the third largest supplier of crude oil to India, by supplying 18.4 MT of crude oil in the current fiscal. Iran is followed by Venezuela as the fourth largest supplier of crude oil to India and Nigeria as the fifth largest supplier of crude oil to the nation. Venezuela supplied 15.5 MT of crude oil in the current fiscal whereas Nigeria supplied India with 14.9 MT of crude oil in the period of April- January.
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India is dependent on its imports of crude oil from West Asia. India’s crude oil consumption has increased from 58% in the fiscal period of 2014-2015 to 63.7% in the current fiscal. India imported 184.4 MT of crude oil in the current fiscal (April- January period of 2017-2018) as compared to 213.9 MT of crude oil in the previous fiscal period of 2016-2017. India imported 202.8 MT of crude oil in the fiscal period of 2015- 2016.