Iraq replaces Saudi Arabia as India's lead oil supplier

• Iraq has overtaken Saudi Arabia for the first time to become India's top crude oil supplier in the current fiscal, helped by sales of discounted heavy crude.
• Saudi Arabia traditionally has been India's top oil source but in the April-October period of 2017-18, Iraq dethroned it, supplying 25.8 million tonnes (MT) of oil. 
• Iran was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its suspected nuclear programme relegated it to the 7th spot in the subsequent years. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it. 
• Sourcing from Iran increased to 12.7 MT in 2015-16, giving it the sixth spot. In the following year, the Iranian supplies jumped to 27.2 MT to catapult it to the third spot.
• Venezuela is India's fourth largest supplier with 11.5 MT during the period, followed by Nigerial with 10.6 MT
• India is 80 per cent dependent on imports to meet its oil needs. Easing of western sanctions in 2015 has led to the Indian refiners raising their purchase from Iran.

source :- Economic times