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IEA, it would reach 90 per cent by 2040 (IEA 2015 , 118–19). In recent
years, around 60 per cent of India’s hydrocarbon imports is met by the
countries along the Persian Gulf, with Saudi Arabia being the lead supplier.
The Kingdom is also the leading supplier to China and Japan.
As highlighted by Table 9.3, the Saudi share in India’s energy imports
hovers around 20 per cent but has been gradually declining and dropped
to 16 per cent in 2006–07. This is partly due to India’s diversification
efforts and the re-entry of Iraq, India’s traditional oil supplier until 1990,
into the energy market. However, the US-led international sanctions
against Iran over the nuclear controversy forced India to look for alterna-
tive sources and in 2011 Saudi Arabia stepped in and doubled its supplies
to India and the annual export of Saudi crude to India reached more than
800,000 bpd (Table 9.2). At the same time, due to price considerations,
the bulk of India’s oil imports is met through spot purchases and New
Delhi is yet to move in the direction of long-term energy deals with
Riyadh.
Table 9.3 India’s crude oil imports (million tonnes)
Year Imports from Saudi Arabia Total imports Saudi share (%)1996–97 1.10 33.71 3.26
1997–98 2.97 34.40 8.49
1998–99 3.29 39.81 8.26
1999–2000 1.49 57.81 2.58
2000–01 0.93 74.10 1.26
2001–02 0.72 78.71 0.91
2002–03 0.65 81.99 0.79
2003–04 1.02 90.43 1.13
2004–05 1.47 95.86 1.53
2005–06 1.70 99.41 1.71
2006–07 1.57 111.50 1.41
2007–08 1.88 121.67 1.55
2008–09 25.92 132.78 19.52
2009–10 26.88 159.26 16.88
2010–11 26.29 163.60 16.07
2011–12 31.87 171.73 18.56
2012–13 34.97 184.80 18.92
2013–14 39.32 189.24 20.78
2014–15 34.49 189.43 18.21
2015–16 39.59 202.85 19.52
2016–17 39.33 213.93 18.66Source: Directorate General of Foreign Trade, Ministry of Commerce & Industry, Government of India
P. R. KUMARASWAMY AND MD. M. QUAMAR