Geo-political factors in the global trade environment have hit crude oil imports from Iran.
Iran, which once met almost 13 per cent of India’s total crude oil requirement, has slipped significantly, if import numbers for April-November 2012 are an indicator. Of the total imports of 118.9 million tonnes during the period, only seven per cent was from Iran, according to sources.
The domestic refineries (18 public sector and two private sector) imported 15.074 million tonnes (mt) of oil in November 2012 (14.850 mt in November 2011).
Crude oil imports from Iran have been constantly declining. From 21.20 mt imports in 2009-10, it fell to 18.50 mt in 2010-11 and 18.11 mt in 2011-12.
Those tracking the sector say that for this fiscal (2012-13), the crude oil imports are unlikely to go beyond 11.5-12 mt, till the geo-political situation improves. Estimates say almost 76 per cent of the country’s crude oil requirement in April-September 2012-13 was met through imports.
Almost 62.6 per cent of the total imports in April-November came from West Asia. Saudi Arabia was the largest supplier, meeting 18.9 per cent of total imports during the period.
For fiscal 2011-12, the country imported 171.73 mt of crude oil, which is expected to go up to 181-185 mt, with new refineries being added.