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Iraq's oil exports to India decline to unprecedented level
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Economy News - Follow-up
[rtl]India's oil purchases from Iraq in June fell to their lowest since September 2020, data from Indian industry sources showed.[/rtl]
[rtl]Data showed that Indian refiners have already cut their oil purchases from some traditional producers in the Middle East who raised prices earlier this year.[/rtl]
[rtl]“This is partly because they (Iraq) don’t have extra barrels to allocate,” the trader said, adding that Russian supplies are also readily available. Earlier this month, Iraq’s oil ministry confirmed its commitment to the OPEC Declaration of Cooperation agreement, saying it would compensate for any excess oil production from the start of 2024.[/rtl]
[rtl]Iraq remained the second largest oil supplier to India, followed by Saudi Arabia and the United Arab Emirates. The United States emerged as the fourth largest supplier to India.[/rtl]
[rtl]Indian refiners imported 1.98 million barrels per day of Russian oil in June, down 3.7 percent from the previous month, the data added. Imports from Russia have reduced the share of Middle Eastern oil in India's crude basket, pushing OPEC's share to its lowest level.[/rtl]
[rtl]India is the world's third-largest oil importer and consumer, importing more than 80% of its oil needs. Indian refiners had placed orders in May for most of the barrels arriving in June.[/rtl]
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Added 07/28/2024 - 10:09 AM
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Economy News - Follow-up
[rtl]India's oil purchases from Iraq in June fell to their lowest since September 2020, data from Indian industry sources showed.[/rtl]
[rtl]Data showed that Indian refiners have already cut their oil purchases from some traditional producers in the Middle East who raised prices earlier this year.[/rtl]
[rtl]“This is partly because they (Iraq) don’t have extra barrels to allocate,” the trader said, adding that Russian supplies are also readily available. Earlier this month, Iraq’s oil ministry confirmed its commitment to the OPEC Declaration of Cooperation agreement, saying it would compensate for any excess oil production from the start of 2024.[/rtl]
[rtl]Iraq remained the second largest oil supplier to India, followed by Saudi Arabia and the United Arab Emirates. The United States emerged as the fourth largest supplier to India.[/rtl]
[rtl]Indian refiners imported 1.98 million barrels per day of Russian oil in June, down 3.7 percent from the previous month, the data added. Imports from Russia have reduced the share of Middle Eastern oil in India's crude basket, pushing OPEC's share to its lowest level.[/rtl]
[rtl]India is the world's third-largest oil importer and consumer, importing more than 80% of its oil needs. Indian refiners had placed orders in May for most of the barrels arriving in June.[/rtl]
Views 63
Added 07/28/2024 - 10:09 AM
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