India’s imports of Middle Eastern oil plunged to a four-year low in 2019, tanker data obtained from sources shows, as the energy-hungry nation diversifies its supplies to cut costs and help shield itself from geopolitical tensions.
India, the world’s third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle East for the majority of its supplies. However, the region’s share of India’s crude shrank to 60% last year – down from 65% a year ago and the lowest since 2015 – as record output from the United States and countries like Russia offered opportunities for importers to tap other sources.
