NEW DELHI: India has cut crude oil imports from its top supplier Saudi Arabia by over 8 per cent in 2014-15 as it raised purchases from Africa and Latin America in an apparent bid to cut reliance on volatile Middle-East. Crude oil import from Saudia Arabia was cut to 34.99 million tonnes in the year to March 31, 2015 from 38.18 MT in 2013-14, Oil Minister Dharmendra Pradhan said on Monday.
While imports from sanctionhit Iran were almost flat at 10.95 MT, shipments from Kuwait fell to 17.85 MT from 20.35 MT. Imports from Iraq were almost flat at 24.51 MT but the same from UAE rose 15 per cent to 16.11 MT. Overall, imports from Middle East fell by over 5 per cent to 109.88 MT, he said in a written reply to a question in the Lok Sabha here.
Crude oil imports from Africa and South America rose 10 per cent each as Indian refiners bought more heavier but cheaper grade oil, he said. India imported 189.44 MT of crude oil in 2014-15, almost unchanged from the previous fiscal, to meet over 80 per cent of its oil needs. Saudi Arabia was the top supplier with 34.99 MT with Iraq being number two. Venezuela was a very close third with 24.40 MT of oil supplies, 13 per cent higher than 2013-14.
