Russia has become India’s top crude supplier thanks to sanctions-related rebates
The price of Iraqi oil supplies to India fell in February amid a steady stream of cheaper Russian shipments, Bloomberg reported on Tuesday, citing preliminary official statistics.
According to the outlet, the price of crude from Iraq averaged $76.19 a barrel, down from $78.92 in January. Data from India’s Ministry of Commerce and Industry reportedly shows Russian supplies averaged $72.14 a barrel, down slightly month-on-month.
Meanwhile, crude from Saudi Arabia was the most expensive for Indian buyers in February, averaging $87.66 a barrel, down from $85.84 the previous month.
India has reduced its oil imports from the Middle East amid growing purchases from Russia. According to energy freight tracker Vortexa, the country’s purchases of Russian oil hit a record high of 1.64 million barrels a day last month.
Moscow has been New Delhi’s biggest supplier of crude for six consecutive months, and its share of Indian oil imports reached 34% in March, double the figure of Iraq’s traditional main supplier.
Iraq reportedly shipped 821,952 bpd last month, making it the third largest supplier after Saudi Arabia, which exported 986,288 bpd.
India, the world’s third-largest oil consumer, has increased its purchases of cut-price Russian oil after Western states shunned direct supplies in response to Moscow’s military operation in Ukraine.
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