Reversing a two-year declining trend, India's reliance on the
volatile Middle East region for meeting its crude oil needs has risen in
2015-16, with quantum jump in buying from Iraq.
India imported 109.09 million tonnes of crude from the 10 nations
in the Middle East during first 11 months of 2015-16 fiscal, Oil
Minister Dharmendra Pradhan told Lok Sabha here.
The region supplied 59.22 per cent of the total 184.21 million
tonnes of crude oil imported by India during April, 2015 and February,
2016. In the entire 2014-15 fiscal, India had imported 109.88 million
tonnes or 58 per cent of its entire oil need of 189.44 million tonnes,
from the Middle East.
The reliance on the Middle East in that year had declined from 61
per cent in the previous 2013-14 fiscal when the region supplied a total
of 115.86 million tonnes of oil.
In 2012-13, the Middle East accounted for 62.44 per cent of oil
supplies. In a written reply to a question, Pradhan said Saudi Arabia
continues to remain India's number one crude oil supplier, selling 37.10
million tonnes of oil in April-February period of the last fiscal.
Saudi supplies were up from 35 million tonnes in 2014-15. Imports
from Iraq however saw the biggest jump – rising from about 24.5 million
tonnes level of the past three years to 32.97 million tonnes – in
April-February of 2015-16.
Iran sold 10.58 million tonnes of oil in the first 11 months of
2015-16, as against 10.95 million tonnes in the full 2014-15 fiscal.
Import from Iran in 2013-14 was 11 million tonnes and in 2012-13 it was
13.14 million tonnes.
Pradhan said supplies from Kuwait has however dipped to 10.13
million tonnes from 17.85 million tonnes in 2014-15. Imports from the
UAE also dipped to 14.03 million tonnes from 16.11 million tonnes.
Africa overtook South America to become the second biggest source
of crude oil supplies during April-February. It supplied 35.69 million
tonnes of oil, ahead of 28.10 million tonnes coming from Latin America.
In 2014-15, South America had supplied 34.46 million tonnes with
Venezuela selling 24.4 million tonnes. In April-February 2015-16,
Venezuelan supplies fell to 21.29 million tonnes.
Africa had in 2014-15 supplied 33.05 million tonnes of oil to
India, bulk of it coming from Nigeria (17.82 million tonnes). In first
11 months of 2015-16, Nigeria sold 21.71 million tonnes of crude oil to
India. Besides crude oil, India also imported almost all of its 8.16
million tonnes LPG from the Middle East region.
Qatar was the largest supplier with 3.163 million tonnes in
April-February 2015-16, followed by Saudi Arabia (2.24 million tons),
the UAE (1.49 million tonnes) and Kuwait (848,000 tonnes), he said.
India imported 8.3 million tonnes of LPG in 2014-15, almost all of it
from the Middle East.
News Source: Indiaexportnews