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Nigeria Loses To Iran As 3rd Largest Supplier Of Crude Oil To India

Nigeria has lost its 3rd place as India’s third largest supplier of crude oil.

This comes after India turned to the United States and increased its focus on the Middle East for its oil supply.

Reuters reports that the Middle East has remained by far the biggest oil supplier to the South Asian country.

India, which is the third-largest oil importer in the world, had announced in August that it was turning to the U.S and other regions for supply.

“Earlier in Asia, West African oil was competing with Middle East grades, but now it has a new competitor: the U.S.,” said Ehsan Ul-Haq, director of crude oil and refined products at consultancy Resource Economist.

“In the last few months, US oil gave tough competition to the African grades and the price difference (between WTI and Brent) was good enough to cover the freight,” R. Ramachandran, head of refineries at Bharat Petroleum Corp, told Reuters.

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