IRAQ REMAINS TOP OIL SUPPLIER TO INDIA
02, May 2019
Prelims level : International Mains level : Governance, Constitution, Polity, Social Justice and International Relations
Why in News:
- Iraq contributes a fifth of India’s needs; imports from U.S. rise fourfold from 2017-18
- Iraq has, for the second year in a row, become India’s top crude oil supplier, meeting more than a fifth of the country’s oil needs in 2018- 19 fiscal year.
- According to data sourced from the Directorate General of Commercial Intelligence and Statistics, Iraq sold 46.61 million tonnes (mt) of crude oil to India during April 2018 and March 2019, 2% more than 45.74 mt it had supplied in 2017-18 fiscal.
- Saudi Arabia has traditionally been India’s top oil source, but it was for the first time
- dethroned by Iraq in 2017-18 fiscal year
- While India stopped importing crude oil from Iran following reimposition of economic sanctions this month by the U.S., the Persian Gulf nation was the third largest crude oil supplier to India. UAE topped Venezuela to become India’s fourth-largest crude supplier.
- The U.S., which began selling crude oil to India in 2017, is fast becoming a major source.
- Supplies from the U.S. jumped more than fourfold to 6.4 mt in the 2018-19 fiscal year.
- 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 seventh spot in subsequent years.