Iraq ousts Saudi Arabia from the top of the Indian oil market




June 14, 2017

Baghdad - Agencies

Iraq exports for the third straight month a list of suppliers of crude oil to India, surpassing Saudi Arabia.

According to data collected by the Bloomberg economic agency that Iraq received one million barrels of crude oil to India last month, Iraq accounted for about 23% of total purchases of India for that month, while the share of the Kingdom fell to 17%.

India's total crude oil imports in May reached 4.35 million barrels per day. India, with a $ 2 trillion economy, imports more than 80 percent of its raw material needs, and the International Energy Agency expects India to be the fastest growing consumer of raw materials by 2040.

Iraq has been used for years as India's second-largest oil supplier due to delays in supplies due to shipping hurdles caused by poor port infrastructure. However, improvements have been made to these structures in the past period in a bid to provide stable supplies, Asian Markets.

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