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Economy News _ Baghdad
India continued its record purchases of Russian oil, taking advantage of lower prices due to Western sanctions, as it jumped in January 2023, to 1.27 million barrels per day, according to "Vortexa" shipping analytics.
Over the past years, Iraq ranked first in its oil exports to India, followed by Saudi Arabia. However, the embargo imposed by Europe on Russian oil and setting a ceiling for the price of Russian oil at $60 prompted the latter to direct its oil exports to East Asia, which are China and India, the largest buyers of oil. In the world.
Data on unloading volume by port of destination in India reveals that Indian private refiners led the increase in purchases of Russian crude, increasing their share of India's imports of crude oil from Russia from 40% during July-November last year, to 48% in December. It rose further to 60% in the first half of January.
While Russian oil exports to India by government refineries increased in January 2023, to record 28% of the total imported crude, compared to only 1% before the start of the war in Ukraine on February 24, 2022.
Iraq ranked second with 20%, Saudi Arabia 17%, while US exports improved to export to India 9% of the total needs of the Asian country last month, and UAE exports improved by 8%.
The exports of the three Gulf states, which include Iraq, Saudi Arabia and the UAE, to India improved by 1% each last month, while New Delhi's imports from African countries fell from 9% to 6%.
Views 101Added 2023/02/07 - 9:32 AMUpdated 2023/02/07 - 1:54 PM[You must be registered and logged in to see this link.]