2024-02-24T08:48:30+00:00
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/ Reuters revealed that Iraq’s oil exports for January rose to the highest level since 2019.
The agency said that Indian refiners have turned to nearby suppliers in the Middle East to avoid disruption caused by delays and compensate for the diversion of Russian light Sokol crude, whose supplies have been hit by payment problems and tough Western sanctions.
India’s oil imports were 5.24 million barrels per day in January, up 17% from December and 3.5% higher than in the same month a year earlier, the data showed.
The agency added that January imports from Iraq rose to their highest levels since August 2019, raising the share of Middle Eastern oil in India’s total imports to 54%, from 48% in December 2023.
Increased Middle East imports lifted OPEC’s share of India’s imports to about 54% in January, although the average is at its lowest level on a yearly basis.