This Monday, India’s oil minister announced that Nigeria is now the third-biggest oil supplier to Indian state refiners between April and June. The high discount offered by Tehran pulled the companies to its side, while iraq snitches the first position from Saudi Arabia which now sit as the second supplier to indian state.
However, Nigeria improved its ranking by a notch and emerged as the third-biggest oil supplier to India in July, replacing Venezuela, which slipped to number four.
Dharmendra Pradhan, Minister of Petroleum and Natural Gas, told lawmakers in a written reply that India shipped-in 5.67 million tonnes or about 457,000 (bpd) of oil from Iran in the first 3 months of this fiscal year.
India imported about 4.6 million barrels per day of oil in July, a growth of about 1.5 per cent from a year earlier, according to data from shipping and industry sources.
Iraq continued to be the top seller to the world’s third-biggest oil consumer followed by Saudi Arabia, the data showed, according to Reuters.
The Middle East’s share in India’s total oil imports declined to about 56 per cent from about 60 per cent a year ago, while that of African oil grades, led by higher shipments of Nigerian oil, rose to 20 per cent from about 18.5 per cent.
The share of oil from the United States increased to about 5.6 per cent from 4.5 per cent, while supplies from Latin American nations continued to account for about 13.5 per cent of overall purchases.