FXStreet (Mumbai) – Nigeria has replaced Saudi Arabia as the largest crude oil supplier to India after its oil exports to India last month surged by nearly 200%, supplying some 745,000 barrels per day. It’s the first time in at least four years that Saudi Arabia, the world’s top crude exporter, has lost the top spot, Reuters reported.
The shift comes as more Indian refiners switch out their long-term contracts with Middle East suppliers in favor of African oil spot purchases.
Saudi Arabia also fell behind Russia and Angola last month as the largest crude supplier to China. The fuel-rich nation struggles to maintain market share in Asia as the gap narrows between the Middle East price marker and the international crude oil benchmark Brent.
India’s African oil imports rose to the highest in more than four years, from 15.5% in April to 26% in May with tankers mainly from Nigeria and Angola. Meanwhile, the share of Middle Eastern oil to India fell to 54% in May from 61% in April, with Saudi Arabia supplying some 732,400 barrels per day.