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India’s imports of Iraqi crude oil plummeted in June to their lowest level since September 2020, industry data revealed this weekend.
Indian refineries have been scaling back purchases from traditional Middle Eastern suppliers that raised prices earlier this year, the data showed. “Part of the reason is that they (Iraq) don’t have additional barrels to allocate,” said a trader. “Russian supplies are also readily available.”
Earlier this month, Iraq’s oil ministry reaffirmed its commitment to the OPEC+ deal, promising to compensate for any overproduction since the start of 2024.
While Iraq remained India’s second-largest oil supplier, followed by Saudi Arabia and the UAE, the United States emerged as the fourth-largest supplier.
Indian refiners imported 1.98 million barrels per day of Russian crude in June, a 3.7% decrease from the previous month. The surge in Russian imports has reduced the share of Middle Eastern crude in India’s oil basket, pushing OPEC’s share to a record low.
India, the world’s third-largest oil importer and consumer, relies on imports for over 80% of its oil needs. Indian refiners had placed orders in May for most of the crude oil arriving in June.
