look news india
Mumbai: India's crude oil imports from traditional suppliers like Iraq and Saudi Arabia increased significantly last month due to rising domestic crude oil demand. Crude oil imports from Iraq and Saudi Arabia were 16 percent and 37 percent higher, respectively, in September compared to August.
Last month, 8.90 lakh barrels per day of crude oil was imported from Iraq while 6.88 lakh barrels per day were imported from Saudi Arabia. However, Russia remained the top supplier of India's total crude oil imports last month with 17.90 lakh barrels per day, accounting for 38 per cent of India's crude imports, according to government data. Compared to August, the total import of crude oil increased by 12.70 percent to 47 lakh barrels per day in September.
Along with increase in demand, imports are also expected to increase during the upcoming festive season.
India meets 85% of its total crude oil requirement through imports. Government sources said the fall in crude oil prices in the last six months of 2024 was positive for India, but the Israel-Iran standoff has worsened the situation.