Iraq outpaces Saudi Arabia as India’s major oil supplier in April
by ChemOrbis Editorial Team - content@chemorbis.com
According to Reuters, Iraq outpaced Saudi Arabia in oil supply to the world’s fastest-growing oil consumer, India in April. This was because Basra Heavy oil grade is cheaper and it was cost-saving for Indian importers while the product quality was not much impacted.
India imported 1 million barrels/day of oil from Iraq in April, up by about a third from the previous month and by 8% from a year earlier while it imported 750,000 barrels/day of oil from Saudi Arabia in April. The fact that Saudi oil prices were higher following the OPEC’s production cuts was considered as one of the reasons for India’s lower imports from the country.
Iraq is OPEC’s second largest oil producer after Saudi Arabia and has resisted making a large production cut as its economy is mainly dependent on oil.
India imported 1 million barrels/day of oil from Iraq in April, up by about a third from the previous month and by 8% from a year earlier while it imported 750,000 barrels/day of oil from Saudi Arabia in April. The fact that Saudi oil prices were higher following the OPEC’s production cuts was considered as one of the reasons for India’s lower imports from the country.
Iraq is OPEC’s second largest oil producer after Saudi Arabia and has resisted making a large production cut as its economy is mainly dependent on oil.
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