Iran has toppled Kuwait to become India’s fifth largest crude oil supplier in the first half of 2015-16 fiscal year, selling over 6.5 million tons of oil.
Iran, which was India’s second biggest supplier of crude oil after Saudi Arabia till 2010-11, sold 6.53 million tons of oil to India in April-September as compared to 5.31 million tons crude coming from Kuwait, official sources said.
last fiscal, Iran was India’s seventh largest oil supplier, selling 10.95 million tons crude.
India is 80 per cent dependent on imports to meet its oil needs.
With prospects of sanctions being eased after a deal with the western powers on curbing its nuclear programme, Iran is now behind only Saudi Arabia (19.56 million tons), Iraq (17.01 million tons), Nigeria (11.59 million tons) and Venezuela (10.89 million tons) in oil supplies to India.
Sources said last fiscal Saudi Arabia was top supplier with 34.99 million tons of oil, followed by Iraq at 24.51 million tons. Venezuela was a close third with 24.40 million tons of oil exports to India. Kuwait supplied 17.85 million tons, Nigeria 17.82 million tons and UAE 16.11 million tons.