India boosts oil imports from Iraq

Shafaq News/ India's crude oil imports surged in September as the country increased purchases from traditional suppliers such as Iraq and Saudi Arabia, according to energy cargo tracker Vortexa.

The data revealed that India's imports from Iraq and Saudi Arabia rose by 16% and 37% respectively in September compared to August. Specifically, India imported 688,000 barrels per day (bpd) from Saudi Arabia in September, up from 501,000 bpd in August. Meanwhile, Iraq supplied 894,000 bpd of crude oil to India in September, compared to 771,000 bpd in August.

Despite the increased imports from traditional suppliers, Russia remains India's largest crude oil supplier. India imported more than 1.79 million bpd from Russia in September, accounting for 38% of its total oil imports. In August, India had imported 1.61 million bpd from Russia, according to the data.

India's crude oil imports increased by 12.7% in September to 4.7 million bpd. This surge in demand is expected to continue as the festive season approaches, prompting Indian refineries to seek more supplies.

India relies on imports for over 85% of its crude oil needs. The decline in global crude oil prices in the second half of the year is expected to benefit state-owned oil marketing companies such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) by boosting their refining margins due to lower input costs.