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Iraq is the second largest oil exporter to India in a month
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Economy News-Baghdad
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Added 2023/02/18 - 11:25 AM
Updated 2023/02/18 - 1:57 PM
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Economy News-Baghdad
Iraq ranked second in its oil exports to India during the month of January, after Russia overtook it again in its oil exports to India.
Indian data showed that "India's oil imports from Russia rose by 1.4 million barrels per day in January, an increase of 9.2 percent from December," noting that "Russian oil last month accounted for about 27 percent of the five million barrels per day of crude it imported." India is the third largest importer and consumer of oil in the world.
India's refineries, rarely used to buy Russian oil due to expensive logistics, have emerged as a major oil customer for Russia, snapping up discounted crude that Western countries have shunned since the invasion of Ukraine last February.
According to the data, "India's imports of Iraqi oil rose in January to the highest level in seven months at 983,000 barrels per day, up 11 percent from December, ranking second after Russia."
The data showed that during the period from April 2022 to January 2023, which is the first ten months of the current fiscal year for India, Iraq continued to be the largest supplier of oil to India, despite its decline in recent months in favor of Russia, while Russia became the second largest supplier. for oil, replacing Saudi Arabia, which now occupies the third position.
The data showed that higher purchases of Russian oil sent Indian imports from the Middle East down to an all-time low of 48%, and the members of the Organization of the Petroleum Exporting Countries (OPEC) fell to an all-time low.
Views 86
Added 2023/02/18 - 11:25 AM
Updated 2023/02/18 - 1:57 PM
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