Iraq's largest oil supplier to India for the third month 10/28
Iraq's largest oil supplier to India for the third month
Two hours ago
Roudao - Agencies
Iraq was able to replace Saudi Arabia as the largest exporter of crude oil to India in September for the third time this year, according to data charging, and in the framework of the competition between the two members of the OPEC, the major Asian markets.
Saudi Arabia has lost its position as the largest exporter of crude oil to China last month, as Russia has replaced the largest exporter of crude oil in the world as the largest supplier to China for the second time this year. Traders attributed the rise to the Saudi official selling price.
According to Reuters, the data showed that India imported 640 thousand and 300 barrels per day from Saudi Arabia last month, down about 30 percent from August, but the figure remains high 12.8 percent from the previous year.
At a time when Saudi Arabia is shrinking share in the Indian market over Iraq's share in one of the world's fastest growing markets and by offering attractive prices.
Said Ihsan senior analyst right at KBC Energy Aikenomks consultancy based in London, "sell Saudi oil official price under specific agreements term while Iraqi oil is sold in the spot market. In a market experiencing tremendous oversupplied usually find that the Iraqi barrels are sold at a discount for the official price. "
India bought about 20 percent of its imports from Iraq in September, while Saudi Arabia's share fell to 17 percent from about 22 percent in August.
He said Ihsan right "when Iran back to the market will be a heated battle between Iran, Iraq and Saudi Arabia."