According to data released by the Indian Ministry of Commerce and Industry, as of December 2023, Iraq was India’s second-largest oil supplier, after Russia.
The data shows that the cost of Russian crude oil sold to India dropped to $77.82 per barrel, while the cost of oil exports from Iraq was $79.34 per barrel.
India, the world’s third-largest oil consumer, is said to get its oil mostly from Russia and Iraq.
Since the invasion of Ukraine in early 2022, when several purchasers refrained from purchasing Russian oil, Indian oil refineries have been scurrying to purchase low-cost Russian oil.
Since the middle of 2023, oil exports from Russia have become comparatively more costly, trading at values that are quite comparable to those from Iraq.
Saudi Arabia is India’s third-largest oil supplier, and its oil imports are said to be the priciest of all. In December 2023, the average price at which Saudi Arabia exported crude oil was $87.19 per barrel.
