Prime Time Zone, Webdesk: The United States is the second largest supplier of crude oil to India. While Saudi Arabia was in this position until last month, our country has increased its purchases heavily from the US with the recent cuts in production by oil producing countries. In addition, Saudi Arabia slipped from second place as US oil prices remained low. India has been buying more oil in recent times due to declining oil demand in the US and lower prices. At the same time oil producing countries have decided to reduce production by one million barrels per day.
The United States is currently the world’s largest oil producer. Oil imports from the United States to India rose 48 percent in February. It accounts for 14 per cent of the total oil imports to India. Also, imports from Saudi Arabia fell 42 percent in February. This is the first time in a decade that oil imports from Saudi Arabia have fallen to this level. Saudi Arabia has been ranked 4th in the list of oil suppliers to India for the first time since 2006. Iraq is currently India’s largest oil exporter. Oil exports from Iraq fell 23 percent but remained in first place.
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