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Iraq overtakes Saudi Arabia as India's top oil supplier:

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Iraq overtakes Saudi Arabia as India's top oil supplier: Dharmendra Pradhan

Saudi Arabia supplied 21.9 MT of crude oil in the first seven months of 2017-18, says Dharmendra Pradhan

Press Trust of India  |  New Delhi  Last Updated at December 18, 2017 18:23 IST


 
Iraq overtakes Saudi Arabia as India's top oil supplier: Dharmendra Pradhan
 

Iraq has overtaken Saudi Arabia for the first time to become India's top crude oil supplier in the current fiscal, helped by sales of discounted heavy crude, Oil Minister Dharmendra Pradhan said on Monday.

Saudi Arabia traditionally has been India's top oil source but in the April-October period of 2017-18, Iraq dethroned it, supplying 25.8 million tonnes (MT) of oil.


In a written reply to a question in the Lok Sabha, Pradhan said Saudi Arabia supplied 21.9 MT of crude oil in the first seven months of 2017-18.

For the second year in a row, Iran continues to be the third largest supplier to India by selling 12.5 MT oil during the period.

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 7th spot in the subsequent years. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it.

Sourcing from Iran increased to 12.7 MT in 2015-16, giving it the sixth spot. In the following year, the Iranian supplies jumped to 27.2 MT to catapult it to the third spot, Pradhan said.

Venezuela is India's fourth largest supplier with 11.5 MT during the period, followed by Nigerial with 10.6 MT, Pradhan said.

India is 80 per cent dependent on imports to meet its oil needs. Easing of western sanctions in 2015 has led to the Indian refiners raising their purchase from Iran.

Kuwait, which was the third largest supplier in 2013-14 has steadily slipped, supplying just 6.4 MT in the first seven months of the current fiscal. It had in 2014-15 supplied 17.9 MT crude, which came down to 9.8 MT in 2016-17, Pradhan said.

He said India imported 125.8 MT of crude oil in the April -October period for USD 45.1 billion. In 2016-17, crude oil imports stood at 213.9 MT, costing USD 70.2 billion.

In 2015-16, India imported 202.9 MT crude oil at USD 64 billion.

Pradhan said India's dependence on the Middle East for its crude oil needs has increased from 58 per cent in 2014-15 to 63.5 per cent in the April-October period of this fiscal.

India had imported 109.9 MT out of 189.4 MT of total crude imports in 2014-15 from the region. In the current fiscal so far, the Middle East has accounted for 79.9 MT of crude oil supplies from India.

 

http://www.business-standard.com/article/economy-policy/iraq-overtakes-saudi-arabia-as-india-s-top-oil-supplier-dharmendra-pradhan-117121800680_1.html

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Wiljor Rising Star

Wiljor

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6 hours ago, Laid Back said:

Iraq, the next powerhouse in the ME

 

Go iraq

Go oil production

Go oil prices

Go RV

 

Good afternoon brother Laid Back,  Iraq’s alliance with the Saudis makes a pretty powerful team and what is taking place right now I totally agree with you. We are coming to the end of this ride and 2018 looks good  :twothumbs:

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Synopsis Grand Master

Synopsis

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25 minutes ago, ChuckFinley said:

We just need the dinar to become a power in the ME. 

 

21 minutes ago, Laid Back said:

SOON :twothumbs:

 

1 minute ago, Wiljor said:

 

Good afternoon brother Laid Back,  Iraq’s alliance with the Saudis makes a pretty powerful team and what is taking place right now I totally agree with you. We are coming to the end of this ride and 2018 looks good  :twothumbs:

 

The Best Of Your Pre Christmas Week To You, Gentlemen! :tiphat:

 

Hey, if the French are jumping in with their Strategic Framework Agreement and all, we have got to be getting close!

 

Go Moola Nova!

:pirateship:

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ChuckFinley Community Regular

ChuckFinley

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6 minutes ago, Synopsis said:

 

 

 

The Best Of Your Pre Christmas Week To You, Gentlemen! :tiphat:

 

Hey, if the French are jumping in with their Strategic Framework Agreement and all, we have got to be getting close!

 

Go Moola Nova!

:pirateship:

Always there at the end to take the credit. You know we are close now.  :lol:

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ChuckFinley Community Regular

ChuckFinley

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13 minutes ago, Wiljor said:

 

Good afternoon brother Laid Back,  Iraq’s alliance with the Saudis makes a pretty powerful team and what is taking place right now I totally agree with you. We are coming to the end of this ride and 2018 looks good  :twothumbs:

 

32 minutes ago, Laid Back said:

SOON :twothumbs:

I am liking the first half of 2018.  

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Laid Back Grand Master

Laid Back

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46 minutes ago, Wiljor said:

 

Good afternoon brother Laid Back,  Iraq’s alliance with the Saudis makes a pretty powerful team and what is taking place right now I totally agree with you. We are coming to the end of this ride and 2018 looks good  :twothumbs:

Totally agree brother.!

2018 is looking GooD😎

43 minutes ago, Synopsis said:

 

 

 

The Best Of Your Pre Christmas Week To You, Gentlemen! :tiphat:

 

Hey, if the French are jumping in with their Strategic Framework Agreement and all, we have got to be getting close!

 

Go Moola Nova!

:pirateship:

The best of your holidays to you my friend, 

 

We have to be really close,  so many important things are scheduled to start in 1/1/18. Also so many important things have to be done before the end of this year.

 

iraq is moving forward in all fronts like never before

 

Go RV 

Go $1:1

Go Moola Nova

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NEPatriotsFan1 Veteran

NEPatriotsFan1

Posted
Posted
17 minutes ago, Laid Back said:

Totally agree brother.!

2018 is looking GooD😎

The best of your holidays to you my friend, 

 

We have to be really close,  so many important things are scheduled to start in 1/1/18. Also so many important things have to be done before the end of this year.

 

iraq is moving forward in all fronts like never before

 

Go RV 

Go $1:1

Go Moola Nova

💯 

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