India’s oil imports have steadily expanded over the past year, and currently represent its largest trade line, as outlined in Panjiva research of September 21. Panjiva data shows imports specifically of crude oil climbed 47.9% on a year earlier in July, with only 8.0% points of the growth accounted for by higher oil prices.

Saudi Arabia is the largest single supplier nation, accounting for 22.8% of supplies in July and 26.1% of the growth in the previous year. Importers have also been diversifying their supplies, with Kuwait, Russia, Angola and Qatar all expanding significantly from low levels. That’s come at the cost of Iran (3.5% lower than a year earlier) and Nigeria (10.9% down).

Chart segments Indian oil imports by country of origin for most recent month. Source: Panjiva

India’s state-owned refinery operators have seen divergent performances in the past year. Indian Oil Corp, the largest consignee with a 38.0% share in July, has expanded 139% on a  year earlier. Among the second tier operators Bharat Petroleum expanded 32.1%, overtaking Hindustan Petroleum which grew by just 0.9%.

Chart segments Indian oil imports by consignee for most recent month. Source: Panjiva

The refiner’s also export a full slate of refined products including gasoline, kerosene and distillates, that at $4.83 billion that’s only equivalent to 8.0% of oil imports. Panjiva analysis of over 1,300 shipper-country pairs shows the largest sales relations are Indian Oil’s shipments to Singapore ($396 million in the past 12 months, likely for onward distribution), Nepal and Mauritius followed by Mangalore Refining’s exports to Mauritius ($445 million) and Singapore. Bharat Petroleum meanwhile focuses on China ($209 million) and Japan.

Chart segments Indian oil product exports by destination market and shipper Source: Panjiva