India ranked first among countries importing the maximum quantity of crude oil from Saudi Arabia during 2002-03. Saudi Arabia topped the list, among countries exporting crude oil to India, with 18.816 million metric tonnes.

Nigeria, with 11.579 million metric tonnes, came second followed by the United Arab Emirates and Iran with 9.002 and 7.424 million metric tonnes, respectively.

India imported 55.040 million metric tonnes of crude from West Asia and 26.949 million metric tonnes from other regions during the year, official sources said.

As per the current import policy, crude oil can be imported directly by domestic refining companies. It is imported through a mix of term contract imports and purchases through tenders. Petroleum products can be freely imported excepting transportation fuels.

These fuels can be imported through the Indian Oil Corporation as a state trading enterprise, except for imports by companies, which have been authorised to market auto fuels.

With the increase in the domestic refining capacity from 62.24 million metric tonnes per annum in 1997-98 to 114.67 million metric tonnes per annum in 2002-03, the country has become a net exporter from a net importer of petroleum products. This, in spite of the increase in crude oil imports.

While the country's import of crude oil jumped from 34.5 million metric tonnes in 1997-98 to 82 million metric tonnes in 2002-03, product imports of 20.6 million metric tonnes in 1997-98 turned into product exports of 3.6 million metric tonnes in 2002-03.