India to double US oil imports

India plans to double crude oil imports from the US as part of its effort to reduce dependance on the volatile West Asia region. India is also keen on long-term oil supply contracts with Russia and oil producing countries in Africa. India is heavily dependants on oil imports from West Asia. Its top three suppliers in 2018-19 are from the area: Iraq, with about 46.6 million tonnes (MT) in 2018-19, is the number one supplier, followed by Saudi Arabia (40.3 MT) and the UAE (17.5 MT). Kuwait supplied 10.8 MT.

Daily Current Affairs Quiz 2020

Besides increasing oil and gas purchases from the US to diversify imports, there have also been shifts among traditional sources, especially in the case of supplies from Venezuela and Iran because of US sanctions and other domestic factors. The US’ dependence on West Asian countries for energy needs is negligible due its huge domestic reserves, and China has significantly diversified its sourcing in terms of domestic reserves and equity oil abroad.