Iraq is gradually returning to the Indian market with its crude oil.

Trade data showed that India, the world’s third-largest oil importer, has turned to increasing its purchases of crude from Latin America and Africa after supplies from the Middle East were disrupted by military tensions and the closure of the Strait of Hormuz.

According to data from Kpler, India halted imports of Iraqi oil during April due to the crisis-related export stoppage, before resuming imports on a limited scale during May at around 41,000 barrels per day, a significant decline compared to previous levels.

In response, Indian refineries increased their imports from Venezuela, Brazil, Angola and Nigeria to compensate for the shortfall, with Russia remaining a major supplier of crude to India despite a drop in Russian supplies in April.

The data also showed that the UAE and Saudi Arabia maintained an important role in supplying India with oil thanks to their pipelines that bypass the Strait of Hormuz, unlike Iraq, Kuwait, Qatar and Bahrain, whose oil exports depend heavily on the waterway.

Shafaq.com