You are here: Home » PTI Stories » National » News
Business Standard

Iran topples Saudi to becomes India's top crude oil supplier

Press Trust of India  |  New Delhi 

For the first time ever, has surpassed to become India's top supplier.

Iran, which was India's second biggest supplier of after till 2010-11, sold 759,700 barrels of per day to in October, 56 per cent more than a year ago.

This was larger than 717,000 bpd of oil sold by Saudi Arabia, traditionally India's biggest oil supplier, industry data showed.

Iraq supplied 488,000 bpd.

As western nations imposed sanctions against Iran, the Islamic nation had been relegated to seventh place in 2013-14 and 2014-15 out of the 50-odd nations sources its from.

But with the lifting of sanctions in January this year, crude oil have steadily climbed. imported 12.7 MT of crude oil in 2015-16, up from 11 MT in the previous two fiscals. That made it sixth largest supplier of oil to India.

has been India's top supplier of crude oil - selling 35 MT of oil in 2014-15 and 40.04 MT in 2015-16.

However, for the year as a whole Saudi Arabia continues to be the top supplier with 830,000 bpd of oil followed by Iraq at second spot with 784,000 bpd. averaged 456,400 bpd.

Private sector is the biggest buyer of Iranin oil at 253,600 bpd, followed by Mangalore Refinery and Petrochemicals Ltd (MRPL) at 201,000 bpd. (IOC) bought 186,000 bpd.

had supplied 10.95 million tons of oil to India in 2014-15 fiscal, almost the same as 11 million tons it sold in 2013-14.

The Persian Gulf nation had in 2009-10 supplied 21.2 million tons to India, which came down to 18.5 million tons in 2010-11 and 18.1 million tons in the year after.

After the west imposed sanctions, India brought down the purchases to 13.14 million tons in 2012-13 and had limited them in the years thereafter.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 17 2016. 19:07 IST