Iraq Loses Top Spot as India's Largest Oil Supplier, Russia Takes Lead

Shafaq News/ Iraq emerged as the second-largest supplier of crude oil to India in April 2023, following Russia. Previously, Iraq held the position as India's top traditional oil supplier.

Trade data revealed that India imported approximately 1.9 million barrels per day of Russian oil in April, showing a 4.4% increase compared to the previous month. This accounted for about two-fifths of India's total oil purchases and generated the highest revenue.

Regarding Indian oil revenues, Iraq ranked second in April but experienced a 3.1% decline from the previous month, reaching the lowest level in four months at 928,400 thousand barrels per day. In third place, Saudi Arabia saw an 11% drop in imports to 723,800 thousand barrels per day.

Russia maintained its position as India's largest oil supplier for the sixth consecutive month, with Iraq following in second place and Saudi Arabia in third.

The data also highlighted a decrease in oil purchases from the Middle East, resulting in OPEC's share of Indian oil imports reaching a record low of 46%.

Indian refineries, as the third-largest oil importer and consumer globally, have witnessed an increase in purchases of Russian oil. This shift in demand came as some countries refrained from buying Russian oil due to its invasion of Ukraine in February of the previous year.