India’s crude oil import

JUN 14

Preliminary   > Economic Development   >   Miscellaneous   >   External sector

Why in news?

  • Russia has overtaken Saudi Arabia to become India's second-biggest supplier of crude oil behind Iraq as refiners snap up Russian crude available at a deep discount following the war in Ukraine, industry data showed.

About India’s crude oil import:

  • After the U.S. and China, India is the world’s third-largest consumer of oil, over 85% of which is imported.
  • India’s top oil supplier in 2021: Iraq, Saudi Arabia, UAE, U.S., Nigeria.

PRACTICE QUESTION

Consider the following statements:

1. India is the world’s largest crude oil consumer of the world.

2. Over the last decade, India’s largest supplier of crude oil is Iran

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

                 D

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