India's import of US oil jumps 10-fold to 250,000 bpd: US Energy Secretary

US is India's sixth largest oil supplier.

US oil supplies to India have jumped ten-fold to 2,50,000 barrels per day (bpd) in the last few years, visiting US Energy Secretary Dan Brouillette said on Tuesday.

Speaking at a business meeting alongside US President Donald Trump, he said Indian imports of US oil were 25,000 bpd a couple of year ago, and have now risen to 2,50,000 bpd.

US is India's sixth largest oil supplier.

India began importing crude oil from the US in 2017 as it looked to diversify its import basket beyond the OPEC nations. It bought 1.9 million tonnes (38,000 bpd) of crude oil from the US in 2017-18 and another 6.2 million tonnes (1,24,000 bpd) in 2018-19.

In the first six months of current fiscal (2019-20), US supplied 5.4 million tonnes of crude oil to India.

Iraq is India's top crude oil supplier, meeting close to one-fourth of the country's oil needs. It sold 26 million tonnes of crude oil to India during April to September.

India, which is 83 per cent dependent on imports to meet its oil needs, bought 111.4 million tonnes of crude oil from overseas during April-September.

Saudi Arabia has traditionally been India's top oil source, but has been relegated to the second spot, exporting 20.7 million tonnes of crude oil in the first six months.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel