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The United Arab Emirates and Iraq have started regaining their share in India’s oil import basket as the world’s largest oil exporters Saudi Arabia and Russia plan to keep their production low to boost the prices. Russia, however, continues to hold 42% of the share.
While the UAE increased its oil exports to India by 76% to 290,000 bpd in July from 165,000 barrels per day (bpd) in June, Iraq raised its share by 62,000 bpd to 891,000 bpd in July, according to energy cargo tracker Vortexa.
Saudi Arabia, which extended its voluntary output cut by one million bpd for another month to include August, saw a significant decline of 33% in its export to India to 484,000 bpd in July.
