14 August 2018, New Delhi — India imported about 4.6 million barrels per day (bpd) of oil in July, almost flat compared to a year earlier, according to data from shipping and industry sources.
Saudi Arabia emerged as top oil supplier to the world’s third biggest oil consumer in July, replacing Iraq after a gap of more than a year.
In April 2017 Iraq overtook Saudi Arabia as the top oil seller to India, data shows. India boosted imports from Iran in July to a record high, drawn by the incentives offered by Tehran.
Supplies from Saudi Arabia, Iraq and Iran made up nearly half of India’s overall imports in July.
It raised imports from Africa and the United States, resulting in a decline in the share of the Middle East and Latin America.
The Middle East share of India’s total oil imports declined to about 60 percent in July from about 63 percent in June, while that of African grades, led by higher shipments of Nigerian oil, rose to about 18.5 percent form 12.4 percent.
To make up for any loss in supplies from Iran from November, when wider U.S. sanctions against Tehran will start, India is gradually raising supplies from the U.S. U.S. crude’s share of India’s overall imports stood at 4.5 percent from about 2 percent in June, the data showed.