New Delhi: The crude oil import of he country touched 4.86 million barrels per day (bpd) in February. This is the highest since December 2020. India is the world’s third biggest oil importer and consumer. India imports more than two-thirds of its oil needs. The import surged by 5% in January and rose by 24% in February this year.
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In February, the share of Canada and the United States in India’s oil imports surged 14% to their highest in a year, while purchases from the Middle East grew the least since October 2021. The share of African oil rose to a four-month high in February. Iraq is the top oil supplier to India followed by Saudi Arabia, the United Arab Emirates, United States, Kuwait, Canada and Nigeria.
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