India has cut crude oil imports from its top supplier Saudi Arabia by 8 <g data-gr-id="27">per cent</g> in 2014-15 as it raised purchases from Africa and Latin America in a bid to cut reliance on West Asia. Import from Saudia Arabia was cut to 34.99 million tonnes in the fiscal from 38.18 mt in 2013-14, Oil Minister Dharmendra Pradhan said in a written reply to a Lok Sabha question on Monday. While imports from sanction-hit Iran were almost flat at 10.95 mt, shipments from Kuwait fell to 17.85 MT from 20.35 mt. Imports from Iraq were almost flat at 24.51 <g data-gr-id="30">mt</g> but the same from UAE rose 15 <g data-gr-id="28">per cent</g> to 16.11 MT.
Overall, imports from West Asia fell by 5 per cent to 109.88 mt. Crude oil imports from Africa and South America rose 10 <g data-gr-id="26">per cent</g> each as Indian refiners bought <g data-gr-id="24">more</g> heavier but cheaper grade oil, he said.
Indian refineries have consistently reduced imports from traditional markets like Saudi Arabia and stepped up purchases from newer geographies like Mexico and Venezuela as imports have become viable due to <g data-gr-id="29">availability</g> of cheaper variants and softening of shipping costs. India imported 189.44 MT of crude oil in 2014-15, almost unchanged from the previous fiscal, to meet over 80 per cent of its oil needs. Saudi Arabia was the top supplier with 34.99 MT with Iraq being number two.
Venezuela was a very close third with 24.40 mt, 13 per cent higher than 2013-14. With 17.82 MT of crude oil supplies, Nigeria was tied with Kuwait for the fourth spot. Imports from Africa rose to 33.05 million tonnes in 2014-15 from 30.39 MT in the previous year. They went up from South America too, to 34.46 MT from 31.73 MT in 2013-14. Mexico supplied 5.06 MT of crude oil in 2014-15, marginally higher than 4.94 MT a year ago.
Pradhan said imports from Iran, which was once the second biggest crude oil supplier to India, was 10.95 MT, almost unchanged from 11 MT in 2013-14. In 2012-13, India had imported 13.14 MT of crude oil from Iran.