Iraq’s oil exports pose challenge to Russia’s dominance as India’s main oil supplier
Gas flares burn at an oilfield in Iraq. Photo: AFP
Baghdad (IraqiNews.com) – Russia’s dominance as India’s top oil supplier in January is at risk because of Iraq’s oil exports.
Iraq’s oil exports to India reached 1.17 million barrels per day until January 22, compared to nearly 1.09 million barrels per day from Russia, according to Bloomberg.
Russia has been the largest oil supplier to India since October 2022.
The Indian Minister of Petroleum and Natural Gas, Hardeep Singh, indicated earlier in January that Russian oil had lost its price advantage compared to Iraq’s crude oil, prompting Indian refining companies to search for alternative sources of crude.
According to market traders, fears of shipping disruptions in the Red Sea may also have an impact on the decline in New Delhi’s imports of Russian oil.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, said last week that his country’s oil exports were not affected by the recent attacks on ships in the Red Sea.
Abdul-Ghani elaborated that about 90 percent of Iraq’s oil exports go to Asia and therefore do not need to pass through the Red Sea.
The Houthi attacks in Yemen on ships in the Red Sea forced many companies to divert sailing away from the Red Sea and pass through the Cape of Good Hope route around Africa, which increased the time and costs of trips.