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The third largest oil importer in the world reduces its exports from Iraq
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Economy News _ Baghdad
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Added 09/14/2023 - 9:46 AM
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Economy News _ Baghdad
In response to the shortage of supplies, global record prices rose, with Brent crude reaching more than $90 a barrel last week for the first time in 10 months. As a result, India, “the second largest importer in Asia,” switched to Russian Urals crude and moved away from more Middle Eastern crudes. Cost.
Russian crude is sold at a significant discount compared to other crudes as a result of Western sanctions imposed on Moscow. The reason is that Indian refiners are struggling to obtain medium grade crude such as Urals and have no choice but to pay more for Russian crude.
Many newer, sophisticated refineries in Asia prefer medium sour crude because it offers higher yields than middle distillates such as diesel and jet fuel.
Although Iraq exports Basra medium and heavy crude to India, prices remain high compared to Russian oil.
India, the world's third largest importer, reduced its revenues from Iraq to 29.17 million barrels in July, the highest month so far this year, but it fell to 26.43 million in August, and is on its way to falling again to about 24.63 million this year. month, according to data compiled by commodity analysis firm Kpler.
Iraq was the largest exporter of oil to India, but with the outbreak of its war with Ukraine, Russia turned to India and granted huge discounts to Indian refineries to replace Iraq.
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Added 09/14/2023 - 9:46 AM
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