Iraq topples Iran to becomes 2nd largest crude oil supplier to India. The pressure of US sanctions on Iran is evident with Indian refiners shifting attention to other crude oil producing nations. Though India has been maintaining that it is not reducing imports from Iran, the import numbers for 2011-12 tell a different story.
Supplies from Iraq and Kuwait have seen a significant increase, even as Saudi Arabia maintained its position as the largest supplier. Till now, Iran was India’s second-biggest crude oil supplier after Saudi Arabia, meeting about 12 per cent of the country’s needs, but the position has been taken over by Iraq.