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Sources in the Indian oil sector revealed that in June, the country’s oil imports from Iraq dropped to their lowest points since September 2020.
According to Shafaq News, Indian refineries have already reduced their imports of oil from several Middle Eastern producers that raised prices early this year.
The Iraqi Oil Ministry reaffirmed earlier this month that it will compensate for any excess oil production from the start of 2024 under the terms of the Declaration of Cooperation between OPEC Member Countries and 10 non-OPEC oil-producing countries.
Saudi Arabia and the United Arab Emirates continue to be India’s top oil suppliers, with Iraq being the second oil supplier to the country.
In June, oil refineries in India imported 1.98 million barrels per day of oil from Russia, a 3.7 percent decrease from the previous month.
The Middle East’s portion of India’s oil imports dropped as a result of Russian oil deliveries, bringing OPEC’s share down to its lowest point in the Indian crude basket.
With more than 80 percent of its oil needs imported, India is the world’s third-largest oil consumer and importer.
