India's oil imports from Iraq soared to +1M bpd in January

Shafaq News/ India increased its oil imports from Iraq to over one million barrels per day (bpd) in January, data from trade sources showed on Thursday.

The data indicated that India imported 1.1 million bpd from Iraq last month, maintaining the country’s position as India’s second-largest oil supplier, trailing Russia, which increased 4.3% to 1.58 million bpd.

Saudi Arabia and the United Arab Emirates retained their positions among the top suppliers, with overall crude imports from the Middle East rising 6.5% to 2.7 million bpd in January.

India further boosted oil imports from the United States, with purchases surging to 218,400 bpd from 70,600 bpd in December, making Washington India’s fifth-largest supplier.

Indian refiners are seeking to bolster bilateral energy trade with the US to $25 billion this year, up from $15 billion in 2024.

Iraq had been India’s primary crude oil supplier until 2023. The country ships 65% of its crude exports to Asia, with India and China as its main markets.