2024-02-14T09:00:09+00:00
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/ Data from the Indian Ministry of Commerce and Industry showed on Wednesday that Iraq fell to second place after Russia, with a slight difference, in terms of oil barrels exported to India during December 2023.
According to the figures in the data, the average cost of importing Russian crude into the world’s third-largest oil consumer fell to $77.82 a barrel compared to $79.34 a barrel for shipments from Iraq, where the two countries are India’s largest suppliers.
Indian refiners have been rushing to buy cheap Russian oil since early 2022, when the invasion of Ukraine caused some buyers to shun Russian oil.
However, shipments have become relatively more expensive since the middle of last year, trading at levels very similar to shipments from Iraq.
Oil from Saudi Arabia, India’s third-largest supplier, is the most expensive among them. The average price of Saudi crude was $87.19 a barrel in the South Asian nation in December 2023.