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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq is the largest exporter of Middle East oil to India

    Rocky
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    Iraq is the largest exporter of Middle East oil to India Empty Iraq is the largest exporter of Middle East oil to India

    Post by Rocky Thu Apr 27, 2023 6:07 am

    Iraq is the largest exporter of Middle East oil to India

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    Economy News _ Baghdad
    Indian refineries turned to Russian oil, which doubled their cheaper shipments and higher margins for exported refined products, and Iraq became the second largest oil exporter after Russia and the first in the Middle East, in conjunction with the region's crude oil exporters cutting production and raising prices.
    India's crude imports from Russia are expected to reach a record high in April, as Asia's second-biggest oil buyer is increasingly distancing itself from its traditional suppliers in the Middle East, including Iraq and Saudi Arabia.
    Refinitiv Oil Research, a provider of financial market and infrastructure data, estimated that India will import 1.94 million bpd from Russia in April, while commodity analysts Kpler are more optimistic, expecting 2.39 million bpd.
    Refinitiv estimated India's total imports from the Middle East, including Iraq and Saudi Arabia, at about 1.92 million barrels per day during the current month, which means that for the first time India's imports of crude from Russia will exceed those received from all Middle Eastern producers combined.
    However, Iraq remains India's largest supplier from the Middle East, as imports in April were estimated at 840,000 barrels per day, while Saudi Arabia ranked second at 640,000 barrels per day.
    With the increase in sanctions against Russia, and the alienation of Russian oil by European buyers and some in Asia, such as Japan, sharp cuts in supply led Indian refiners to buy more quantities.
    By July last year, India's imports from Russia had risen to about 857,000 bpd, and have increased steadily since then, before accelerating sharply this year.
    The Middle East's share of India's imports is likely to drop to 39.8% in April, according to Refinitiv, down from the 12-month average of 56%.



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