Nigeria becomes India’s third biggest oil supplier

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Nigeria improved its ranking by a notch and emerged as the third-biggest oil supplier to India in July, replacing Venezuela, which slipped to number four.

India imported about 4.6 million barrels per day of oil in July, a growth of about 1.5 per cent from a year earlier, according to data from shipping and industry sources.

Iraq continued to be the top seller to the world’s third-biggest oil consumer followed by Saudi Arabia, the data showed, according to Reuters.

The Middle East’s share in India’s total oil imports declined to about 56 per cent from about 60 per cent a year ago, while that of African oil grades, led by higher shipments of Nigerian oil, rose to 20 per cent from about 18.5 per cent.

The share of oil from the United States increased to about 5.6 per cent from 4.5 per cent, while supplies from Latin American nations continued to account for about 13.5 per cent of overall purchases.

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