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India: Most of our oil supplies will come from Iraq and Saudi Arabia
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Economy News _ Baghdad
India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said that most of his country's crude oil supplies in the near future will come from Gulf countries, especially Iraq and Saudi Arabia, as they seek to secure an affordable energy base.
Indian refineries have been buying relatively cheap Russian oil, which Western companies and countries have shunned since sanctions were imposed on Moscow over what it calls a "special military operation" in Ukraine.
India's imports of Russian oil increased 4.7 times, or more than 400,000 barrels per day, in April and May, but declined in July.
India decreased its oil purchases from Iraq in July by 9.3% compared to June to less than one million barrels per day for the first time in 10 months, but Iraq remained in first place as the largest exporter of oil to India.
Crude oil imports from Saudi Arabia by the world's third largest importer and consumer of oil in July rose by more than 25% after Saudi Arabia lowered its official selling price in July to keep Saudi Arabia in third place among India's suppliers.
Although oil imports from Russia fell 7.3% in July from June levels, Moscow remained the country's second largest oil supplier after Iraq.
Puri said that by the end of the fiscal year on March 31, 2022, India's purchases from Russia accounted for only 0.2%, but later rose as the global situation turned "problematic". Europe buys it from Russia.
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Added 09/06/2022 - 9:03 AM
Update 09/06/2022 - 1:15 PM
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Economy News _ Baghdad
India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said that most of his country's crude oil supplies in the near future will come from Gulf countries, especially Iraq and Saudi Arabia, as they seek to secure an affordable energy base.
Indian refineries have been buying relatively cheap Russian oil, which Western companies and countries have shunned since sanctions were imposed on Moscow over what it calls a "special military operation" in Ukraine.
India's imports of Russian oil increased 4.7 times, or more than 400,000 barrels per day, in April and May, but declined in July.
India decreased its oil purchases from Iraq in July by 9.3% compared to June to less than one million barrels per day for the first time in 10 months, but Iraq remained in first place as the largest exporter of oil to India.
Crude oil imports from Saudi Arabia by the world's third largest importer and consumer of oil in July rose by more than 25% after Saudi Arabia lowered its official selling price in July to keep Saudi Arabia in third place among India's suppliers.
Although oil imports from Russia fell 7.3% in July from June levels, Moscow remained the country's second largest oil supplier after Iraq.
Puri said that by the end of the fiscal year on March 31, 2022, India's purchases from Russia accounted for only 0.2%, but later rose as the global situation turned "problematic". Europe buys it from Russia.
15 . views
Added 09/06/2022 - 9:03 AM
Update 09/06/2022 - 1:15 PM
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