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Russia bypasses Iraq by supplying oil to India
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Economy News _ Baghdad
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Added 12/14/2022 - 2:33 PM
Updated 12/14/2022 - 2:41 PM
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Economy News _ Baghdad
Russia became for the first time the largest oil supplier to India, replacing Iraq, as Indian refiners snapped up oil from Moscow, fearing that a price cap from December 5 would affect supplies.
The data showed that India's oil imports from Russia rose for the fifth consecutive month, reaching 908,000 barrels per day in November, up 4% from October.
The data showed that Russian oil accounted for about 23 percent of India's total imports of about four million barrels per day in November.
The data showed that India's oil imports from Iraq fell last month to their lowest levels since September 2020, while imports from Saudi Arabia fell to their lowest level in 14 months.
During April-November, the first eight months of this fiscal year, Iraq continued to be the largest supplier of oil to India, followed by Saudi Arabia and Russia, which pushed the UAE down to fourth place.
The G7, Australia and 27 countries in the European Union imposed a cap on the price of Russian seaborne oil of $60 from December 5 as the West tries to limit Moscow's ability to fund its war in Ukraine.
The price cap plan calls on G7 countries to refuse insurance, financing, brokerage, shipping and other services to oil shipments priced above ceilings for crude oil and petroleum products.
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Added 12/14/2022 - 2:33 PM
Updated 12/14/2022 - 2:41 PM
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