Media reports indicate that India’s crude oil import from Iran may fall from 18.1 million tonne (mn t) in 2011-12 to about 13 mn t in 2012-13 because of sanction imposed by Western countries on the gulf nation.
During the April-December 2012, Iran, which was IndiaÂ’s second biggest supplier of crude oil after Saudi Arabia in 2010-11, supplied 9.7 million tonne oil.
During this period, the supplies from Iran were behind
Saudi ArabiaÂ’s 24.8 million tonne, IraqÂ’s 17.2 million tonne, VenezuelaÂ’s 15.1 million tonne, KuwaitÂ’s 13.2 million tonne and UAEÂ’s 11.4 million tonne.
In 2009-10, India sourced 21.2 million tonne from Iran, which declined further to 18.5 million tonne in 2010-11 and to 18.1 million tonne in the year after.
In 2011-12, Iran was the third largest importer of oil to India behind Saudi Arabia (32.5 million tonne) and Iraq (24.1 million tonne). In the year before, Iran was IndiaÂ’s second biggest supplier of crude oil after Saudi Arabia.
During current fiscal, Iranian supplies made up for 7.2 percent of the IndiaÂ’s oil imports, down from 10.5% in the previous fiscal (2011-12).
India has been since last year cutting import of crude oil from Iran after US and European nations sanctions made shipments and payments difficult.
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