2024-01-24T09:18:53+00:00
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/ Bloomberg revealed that Iraq’s exports threaten Russia’s position as the largest oil supplier to India during the current month of January.
The agency stated that the increase in Iraqi oil shipments this month, which Russia has been the largest oil supplier to India since October 2022, as Iraq’s exports reached 1.177 million barrels per day on January 22, compared to 1.089 million barrels per day from Russia.
Earlier this month, Indian Oil Minister Hardeep Singh indicated that Russian oil had lost its price advantage over its Iraqi counterpart, prompting Indian refiners to look for alternative sources of crude.
The agency added that concerns about shipping disruptions in the Red Sea may also have an impact on New Delhi’s decline in imports of Russian oil, according to market traders.