Iraq remains the top oil supplier to India

  1. According to data collected by the Directorate General of Commercial Intelligence and Statistics,Iraq has remained India’s top crude oil supplier for the second consecutive year.It met more than one-fifth of the country’s oil needs in the 2018-19 fiscal year.
  2. Saudi Arabia also maintained its position as the second-largest crude supplier to India during the year followed by Iran and the United Arab Emirates(UAE).
  3. Despite US sanctions on Iran,Iran’s crude oil supply to India has increased in 2018-19.India managed to import a sizeable amount of Iranian crude last year primarily due to waivers and winding down period provided by US.
  4. However,recently the US administration has declared that it will not provide any extension of the waivers granted last year.It has also announced that all buyers of Iranian oil including India will have to end their imports by May 2,2019 or face sanctions.
  5. The Directorate General of Commercial Intelligence and Statistics works under the Ministry of Commerce,Government of India.It is the pioneer official organization for collection,compilation and dissemination of India’s Trade Statistics and Commercial Information.The office is located at Kolkata.

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