Iraq’s oil shipments put Russia’s position as India’s main oil supplier in January under jeopardy.
According to Bloomberg, up until January 22, Iraq sent 1.17 million barrels of oil per day to India, while Russia exported around 1.09 million barrels per day.
Since October 2022, Russia has become India’s main oil supplier.
Indian refining businesses are looking for new supplies of crude oil after Russian oil lost its pricing edge over Iraqi crude, according to remarks made earlier in January by Hardeep Singh, the Minister of Petroleum and Natural Gas in India.
Market dealers claim that the reduction in New Delhi’s purchases of Russian oil might possibly be due to concerns about possible interruptions to sea transport in the Red Sea.
Hayan Abdul-Ghani, the minister of oil for Iraq, stated this week that the recent attacks on ships in the Red Sea had no impact on his nation’s oil shipments.
According to Abdul-Ghani, almost 90% of Iraq’s oil exports are sent to Asia, negating the need to cross the Red Sea.
Numerous firms were compelled to reroute their ships from the Red Sea and round Africa via the Cape of Good Hope route due to the Houthi attacks on ships in Yemen, resulting in longer and more expensive excursions.
