Will India look towards Latin America and the Caribbean to balance the Crude oil import? Increasing petrol and diesel prices is the main concern for the growing middle-class population in India. The increasing fuel prices also impact the Indian economy and the transportation costs. In April 2019, the United States announced that it would not extend beyond May 01, 2019 the waivers it had granted to eight countries and including India, on sanctions related to the imports of oil from Iran. Due to this Brent crude oil price suddenly jumped to more than $75 barrel. India has imported nearly $12.95 Billion crude oil from Iran in the period of Jan-Dec 2018, however, after the announcements by the Trump administration to end the waiver, Indian government will face the immediate challenge to find alternative suppliers to meet its huge energy demand. To understand India’s growing crude demand – it is prudent to compare the 2017 and 2018 Crude oil import from the world, which has increased by 39.59% in 2018 over 2017 and recorded total $114.51 Billion value crude oil import from the world. Currently, India’s major suppliers are Iraq and Saudi Arabia, India has recorded Crude oil import from Iraq ($22.98 Billion) and Saudi Arabia ($21.19 Billion) in 2018, the graph is showing the importing of crude oil from Jan-Dec 2018 in India from origin countries.
