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India’s crude oil imports from Iraq, Nigeria, Saudi Arabia, and US jumped highest in Q1 FY2o

New Delhi: India has increased its reliance of crude oil from Iraq, Saudi Arabia, Nigeria, and the United States at a time when two of its major oil suppliers Iran and Venezuela are facing sanctions by the United States, fresh data published by commerce ministry showed.

According to the data compiled by ETEnergyWorld, India witnessed the highest increase in crude oil imports in the first four months (April-July) of the current fiscal year 2019-20 (FY20) from the US. India’s crude oil imports from the US more than tripled to 3.60 million tonne (MT) in the period from 1.15 MT recorded in the corresponding period a year ago.

Bulk of crude oil shipments from the US was received by Reliance Industries' (RIL's) port located in Jamnagar’s special economic zone (SEZ). The port handled 1.01 MT of US crude oil in the first four months of the current financial year. Other ports which handled significant quantities of US crude included; Sikka Port, Paradip port, and Cochin port besides others. 

India’s crude oil imports from Iraq increased 3 percent to 16.05 MT in April-July of FY20.

Bulk of Iraqi crude was received by RIL’s Jamnagar’s SEZ port. The port handled 3.41 MT of crude oil in the first quarter (Q1) of the current fiscal, a 44 percent jump from the corresponding period a year ago.

Similarly, Sikka port, which primarily receives and evacuates petroleum and petrochemical products for RIL’s Jamnagar refinery, handled close to 1.77 MT of Iraqi crude oil in Q1 FY20, a decline of 15 percent as compared to the corresponding period a year ago.

While, Nayara Energy-owned Vadinar Port was the second-largest receiver of Iraqi crude oil shipments in Q1 FY20, handling close to 3.08 MT of crude oil during the period. However, the port’s shipments of Iraqi crude declined 16.30 percent during the first quarter of the current financial year, as compared to the corresponding period a year ago.

India’s crude oil imports from Saudi Arabia increased 5.61 percent to 13.34 MT in Q1 FY20. The bulk of shipments from Saudi Arabia during the period was handled by Sikka Port (3.14 MT), New Mangalore Sea port (1.82 MT), RIL’s Jamnagar port (1.75 MT), Paradip Port (1.63 MT), Mumbai Sea Port (1.50 MT) and Mundra Port (1.31MT) besides others.

Crude oil imports from Nigeria increased by 16 percent to 5.47 MT in the first quarter of FY20. The bulk of shipments from Nigeria during the period was handled by Paradip Port (2.30 MT) followed by Vadinar port (1.52 MT) besides others.

According to the oil ministry, crude oil imports from the Organization of Petroleum Exporting Countries decreased to 78 percent of total imports during Q1 FY20 as compared to 83.2 percent during the corresponding period a year ago.