Indian oil imports from Middle East up 11 pc, says govt

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Oil recession may get even more crudeIOC to face net loss of 5,800 cr in 2008-09Indian oil imports from Middle East up 11 pc, says...Crude shock: Petrol dearer by Rs 5/ltr

New Delhi, August 7:: India’s crude oil imports from the volatile Middle East region increased 11 per cent to 89.73 million tons in 2007-08 with Saudi Arabia being the single largest supplier to Asia’s third largest oil consumer.

Of the 121.67 million tons of crude oil imported in 2007- 08, 73.74 per cent came from the Middle East region, according to data available from the Petroleum Ministry.

Of the total import of 111.5 million tons in 2006-07, the region sold 80.81 million tons of oil.

Saudi Arabia shipped 26.98 million tons of oil to India in 2007-08, up 9.58 per cent from the previous year’s 24.62 million tons.

India spent Rs 2,72,699 crore or USD 67.988 billion on its crude imports in 2007-08, up from Rs 2,19,029 crore or USD 48.389 billion in the previous year.

Iran was the second biggest supplier with 19.48 million tons and Iraq gave 14.29 million tons in 2007-08. Imports from Iran swelled from 14.7 million tons in the previous year.

Outside the Middle East region, Nigeria was the biggest exporter at 9.91 million tons, though the volumes from the African nation were down from 13.06 million tons in 2006-07.

Angola followed Nigeria with oil exports to India almost doubling in 2007-08 to 4.33 million tons.

Kuwait’s oil supplies to India declined to 10.3 million tons in fiscal 2008, down by 10.48 per cent from the previous year’s 11.38 million tons.