Nigeria overtakes US as India’s fourth biggest supplier

Nigeria emerged as the fourth biggest supplier of crude oil to India in December, pushing the United stated down to the sixth position just after Brazil.

It was reported on Wednesday that India’s crude oil imports in December soared to the highest levels in nearly three years to more than five million barrels per days as its refiners cranked up output to meet a rebound in fuel demand, data from trade sources showed.

India’s year end rush for crude supplies coincided with stronger demand from North Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally.

In December, Iraq remained the top oil supplier to India followed by Saudi Arabia and United Arab Emirates, according to the report.

The share of India’s imports from the Organisation of the Petroleum Exporting Countries, including supplies from the Saudi-Kuwait Neutral Zone, fell to a record low of 67 per cent in December.