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US Became the 4th Largest Crude Oil Supplier to India in 2020

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United States became fourth-largest crude oil supplier to India in 2020As per the 70th edition of BP’s report named ‘Statistical Review of World Energy 2021’, the United States (US) became the 4th largest supplier of crude oil and natural gas to India in 2020.

  • Even though the US has started exporting oil to India in 2017, its supply accounted for about 5 percent of India’s total imports of 204 million tonnes in 2020.

Top 4 Crude Oil Supplier to India in 2020:

Country Oil Supplied (million tonnes)
1. Iraq 47
2. Saudi Arabia 38
3. United Arab Emirates (UAE) 22
4. US 10.7

Key Points of the report:

i.World’s Primary energy consumption reduced by 4.5 percent in 2020 – the largest decline since 1945.

ii.Global Carbon emissions from energy use also fell by 6.3 percent, to their lowest level since 2011.

iii.World oil production fell for the 1st time since 2009 by 6.6 million b/d (barrels per day) in 2020, India’s oil demand also decreased by 480,00 b/d (-480,000 b/d).

vi.Global liquefied natural gas (LNG) trade increased by 0.6 percent year-on-year in 2020, India imported around 36 bcm (billion cubic metres) of LNG.

  • Japan remained as the top LNG importer in the world with imports of 102 bcm.

v.India’s Coal consumption in 2020 fell by 1.1 ExaJoules (-1.1 EJ).

vi.China is the biggest oil importer in the world in 2020 with Saudi Arabia as its biggest supplier of crude oil.

Note – Currently India has been trying to diversify their supply base to reduce dependence on West Asia as the West Asian countries contribute 64 percent of India’s imports.

Recent Related News:

According to trade data released by Reuters, the United States surpassed Saudi Arabia as India’s 2nd Biggest Oil Supply in February 2021.  Iraq continues to be India’s Largest supplier despite a 23% decline in purchases to a five-month low of 867, 500 BPD (Barrels Per Day).

About BP:

It is a British multinational oil and gas company.
Headquarters London, United Kingdom
CEO – Bernard Looney