India increases crude oil imports from Nigeria, Saudi Arabia, others
- India has reportedly increase its crude oil imports from Nigeria, Iraq, Saudi Arabia, and the United States
- The development was attributed to the sanctions currently being faced by two of India's major oil suppliers, Iran and Venezuela
- India's crude oil import from Nigeria reportedly increased 16% to 5.47 MT in the first four months (April-July) of the current fiscal year 2019-20
India has reportedly increased its crude oil imports from Nigeria, Iraq, Saudi Arabia, and the United States as two of its major oil suppliers Iran and Venezuela are facing sanctions by the US.
ETEnergyWorld, citing fresh data published by the country's commerce ministry, reports that crude oil imports from Nigeria increased 16% to 5.47 MT in the first four months (April-July) of the current fiscal year 2019-20.
It added that bulk of shipments from Nigeria during the period was handled by Paradip Port (2.30 MT) followed by Vadinar port (1.52 MT) and others.
India, however, reportedly witnessed the highest increase in crude oil imports in the first four months from the US.
India’s crude oil imports from the US more than tripled to 3.60 million tonne (MT) in the period from 1.15 MT recorded in the corresponding period a year ago, the energy news portal stated.
India’s crude oil imports from Iraq increased 3% to 16.05 MT in the same period while the country's crude oil imports from Saudi Arabia increased 5.61% to 13.34 MT.
Bulk of shipments from Saudi Arabia during the period was handled by Sikka Port (3.14 MT), New Mangalore Sea port (1.82 MT), RIL’s Jamnagar port (1.75 MT), Paradip Port (1.63 MT), Mumbai Sea Port (1.50 MT) and Mundra Port (1.31MT) and others.
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Meanwhile, Legit.ng earlier reported that the head of trade and economics section of the European Union (EU) delegation, Filippo Amato, said Nigeria needs not to depend too much on money from oil and gas products.
Amato said this during an interview, adding that the country’s economy had not changed much over the past five years.
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Source: Legit.ng