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Surpassing Saudi Arabia, Iraq maintains its position in exporting oil to India
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Economy News - Follow-up
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Added 08/24/2024 - 5:46 PM
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Iraqi oil refinery
Iraqi oil refinery
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Economy News - Follow-up
Iraq maintained its position as the second-largest oil supplier to India in July, according to data from Indian industry and trade sources.
According to the data, India's crude oil purchases from the Middle East rose by 4% in July, raising the region's share of India's overall mix to 40% from 38% in June.
Indian refiners have seen a surge in imports of Russian oil at discounted prices after Western countries imposed sanctions on Moscow and cut back on energy purchases over Russia's invasion of Ukraine.
However, Iraq remained the second largest supplier, followed by Saudi Arabia and the UAE.
India is the world's third-largest oil importer and consumer, importing more than 80% of its oil needs. Indian refiners placed orders in May for most of the barrels of oil arriving in June.
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