Share of US in India's crude basket rises to record 14% in December

India has substantially increased its crude oil imports from the US, with the country’s share in India’s crude basket hitting a record 14.3 per cent in December, commerce ministry data showed.  

While Russia remained the top source of crude oil with a share of 21.2 per cent in December, India reduced its dependence on Iraq (16.9 per cent), UAE (6 per cent) and Kuwait (4.2 per cent) to accommodate more crude imports from the US. In December, crude oil imports from the US shot up 93 per cent to 3.9 million MT.

Till FY17, India didn’t import any crude oil