New Delhi: In recent times the US has emerged as the top oil-exporting country in the world. The US has achieved this status after the discovery of shale gas in the US. The amount of oil imported from the US has increased in India. This increase was about 72 per cent. According to data from the Directorate General of Commercial Intelligence and Statistics, India imported 4.5 million tonnes of crude oil from the US between April and August 2019, compared to 2.6 million tonnes of crude oil from the US in the same period a year earlier.
Chief Economic Advisor said this on the five trillion dollar economy
Apart from the old oil supplier countries of West Asia, now its imports from other countries are also being increased. India is also importing crude oil from Iraq. A quarter of the country's total oil requirement is supplied by Iraq. During the period April to August, Iraq sold 20 million tonnes of crude oil to India. This quantity was about 12 per cent more than the supply made in the same period a year ago. During April to August 2019, a total of 912 million tonnes of crude oil were imported in India from April to August 2019, which is less than 9 million 39 lakh tonnes a year ago.
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It may be noted that India has been importing oil from Saudi Arabia for a long time and has been a big supplier to Saudi India, but Iraq overtook in 2017-18. Since then Saudi Arabia has remained in the second position in terms of supply to India. During this period, Saudi Arabia exported 17.7 million tonnes of oil, whereas, in the same period a year ago, it sent one crore 56 lakh tonnes of oil to India. Please note that these days the prices of oil are continuously increasing in the country. Due to the risk of inflation in the country has increased.
