India depends less on Iran for crude oil

Reports suggest that India’s dependence on Iran for oil import has been declining from 13 percent some years ago.

India imported 18.11 mn t oil from Iran, which is less than 21.20 mn t imports in 2009-10 and 18.50 mn t in 2010-11.

During April-November 2012, the country imported 118.9 million tonne of crude oil and out of this only seven per cent was from Iran. Growing geo-political tension in the middle east and sanction imposed by western countries on oil trade from Iran are the main causes of decline in India’s import dependence on the country.

In November 2012, domestic refineries (18 public sector and two private sector) imported 15.074 million tonne (mn t) of oil (14.850 mn t in November 2011).

In 2012-13, India is expected to import less than or equal to 11.5-12 mn t from the gulf country if the geo-political situation persists. Estimates say almost 76 per cent of the countryÂ’s crude oil requirement in April-September 2012-13 was met through imports.

Almost 62.6 per cent of the total imports in April-November came from West Asia. Saudi Arabia was the largest supplier, meeting 18.9 per cent of total imports during the period.