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Indian oil imports from Saudi Arabia fell by 8% in 2014-2015

According to preliminary statistics, India's crude oil imports remained stable at around 189 Mt in 2014-15 (from April 2014 to March 2015), meeting 80% of its oil consumption. Saudi Arabia remained the largest crude oil supplier with 35 Mt, followed by Iraq (24.5 Mt, stable from the previous year), despite an 8% reduction in oil imports from Saudi Arabia from 2013-2014 (38 Mt). Overall, imports from the Middle East declined by more than 5% to 110 Mt (-12% from Kuwait to 18 Mt but +15% from the United Arab Emirates to 16 Mt). Crude oil imports from Iran remained stable at 11 Mt. Over the last few years, Indian refineries have reduced imports from traditional Gulf markets to the advantage of Latin America or Africa, importing heavier, cheaper grade oil. Venezuela was the third largest supplier in 2014-15 with 24 Mt (+13%), while Nigeria tied with Kuwait for the fourth rank (17.8 Mt). Mexico supplied 5.1 Mt in 2014-2015 (+2.4%).