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Iraq supplies India with +20% of its oil needs; Reuters

Category: Economy

Date: 2022-03-20T07:03:40+0000
Iraq supplies India with +20% of its oil needs; Reuters

Shafaq News/ Iraq supplies India with more than 20% of its oil needs, an Indian government source told Reuters amid reports about New Delhi's intention to boost its imports from the US by 11% this year.

India buys most of its oil from the Middle East, but the United States has emerged as the fourth-biggest source and this year supplies will rise substantially, a government official briefed on the matter told Reuters.

"Iraq supplies 23% of India's oil, followed by Saudi Arabia at 18% and the United Arab Emirates at 11%. The U.S. share of the Indian market will rise to 8% this year," Reuters quoted the official, who spoke on condition of anonymity in line with government policy.

The severely energy-deficient country is looking to secure supplies from producers around the world, including heavily sanctioned Russia.

Russia has been a marginal player in the Indian market, but since its Feb. 24 invasion has been offering discounted oil to soften the blow of sweeping sanctions imposed by the United States and other countries.

The surge in oil prices following Russia's invasion of Ukraine last month threatens to fan Indian inflation, stretch public finances and hurt growth just when it was emerging from a pandemic-induced slowdown.

New Delhi faces criticism from the West for its long-standing political and security ties with Moscow, with some saying that engaging in business with Russia will help fund its war. India has urged an end to the violence in Ukraine but abstained from voting against Russia.

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