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Economy News _ Baghdad
Tanker data from Indian trade and industry sources showed today, Thursday, that Iraq came second after Russia in Indian oil revenues last May.
According to this data, Russian oil accounted for about 40% of crude imports in India in May, while imports from Iraq decreased to the lowest level in three years and from Saudi Arabia to their lowest levels since September 2021.
India imported 801,400 bpd of Iraqi oil in May, down about 13.7% from April's 840,000 bpd.
Supply from Saudi Arabia is also down 15% to 616,100 bpd, the data shows.
India's imports from Russia are expected to remain high, as its boiler price is still much cheaper than Middle East crude.
Last April, the price of a ton of oil from Russia was about $500, equivalent to $68.21/barrel, while the price of a ton of Iraqi oil cost $570, equivalent to $77.76 per barrel, and from Saudi Arabia $637.40. That is equivalent to $87 per barrel, according to Indian government data.
Due to higher purchases of discounted Russian oil, the share of imports from the Middle East, India's traditional source, fell to an all-time low of around 39% in May from 44% in April.
The data included a decline in the OPEC share of oil imports in India during May, to a record low of 42.6% and an average of 44.3% in the first two months of the fiscal year.
India, the world's third largest consumer and consumer of oil, buys more than 80% of its oil from foreign markets.
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