Saudi Arabia dethroned Iraq as the top crude supplier to India in April, data from trading sources showed. According to the data, India’s oil imports in April reached 4.63 million bpd, increasing 5% from the previous month but down 4.1% from a year ago. Indian refiners curtailed throughput last month due to weak demand amid the country’s nationwide lockdown to curb the coronavirus pandemic.
Saudi Arabia’s crude exports to India totalled 1.084 million bpd in April, compared to Iraq’s 760,000 bpd, the data showed. In March, Iraq’s shipments stood at 969,000 bpd, while Saudi exports were 716,000 bpd. Iraq had become India’s leading oil supplier since 2017 after the US imposed sanctions on Iranian and Venezuelan crude exports.
The UAE maintained its spot as India’s third-largest oil supplier in April. India also received more Nigerian crude and Mediterranean CPC Blend, which saw significant price discounts. In contrast, the share of Venezuelan oil in India’s imports fell from 18.8% in March to 15.43% in April.
