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Iraq is the second largest exporter of crude oil to India during September
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Economy News
Preliminary data on trade flows from LSEG, Kpler and Vortexa showed that India's oil imports from Russia and Iraq rebounded this September while it took smaller quantities of Saudi oil.
Victor Katona, chief crude oil analyst at Kpler, said that price competitiveness favors Russian crude, and if Indian refiners want to obtain specific quantities from the Middle East, they seem to prefer Iraqi barrels, as Basra Medium crude is still cheaper by about two dollars per barrel than the Arab Medium. Or light Arab.
LSEG data showed that India imported about 1.55 million barrels per day of Russian oil in September, an increase of 16% from August, while imports from Iraq increased 17% to about 1.1 million barrels per day.
In contrast, India's imports from Saudi Arabia decreased to about 676 thousand barrels per day in September, a 10% decrease from August, according to London Stock Exchange data.
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Added 09/30/2023 - 11:27 AM
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Economy News
Preliminary data on trade flows from LSEG, Kpler and Vortexa showed that India's oil imports from Russia and Iraq rebounded this September while it took smaller quantities of Saudi oil.
Victor Katona, chief crude oil analyst at Kpler, said that price competitiveness favors Russian crude, and if Indian refiners want to obtain specific quantities from the Middle East, they seem to prefer Iraqi barrels, as Basra Medium crude is still cheaper by about two dollars per barrel than the Arab Medium. Or light Arab.
LSEG data showed that India imported about 1.55 million barrels per day of Russian oil in September, an increase of 16% from August, while imports from Iraq increased 17% to about 1.1 million barrels per day.
In contrast, India's imports from Saudi Arabia decreased to about 676 thousand barrels per day in September, a 10% decrease from August, according to London Stock Exchange data.
Views 30
Added 09/30/2023 - 11:27 AM
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