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India’s oil imports rise by 14% in April

In the month of April’19, India has registered an 18% hike (US$ 9.8 billion) in its oil import bill in value terms and by 14% (19.7 million tonnes) in quantity terms, despite the plunging imports from Iran (42%), which have been affected by sanctions imposed by the US. However, India’s imports from Venezuela, another country that has been slapped with sanctions, rose by 28% in April (1.61 million tonnes) as compared to the same period last year. The country’s oil import dependence, too, increased from 82.9% in the previous fiscal year to 83.7% in 2018-19.