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

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Iraq issued in the month of May, the list of suppliers of crude oil to India, for the third consecutive month, surpassing Saudi Arabia.

It showed shipping data, collected by the agency “Bloomberg” economic, that “Iraq has reported one million barrels of crude oil to India over the past month, and formed a supply Iraq about 23% of the total purchases of India for that month, while the Kingdom’s share fell to 17%.

The total of Indian imports of crude oil in May / May, around 4.35 million barrels per day. India imports, which has the size of its economy two trillion dollars, more than 80% of its needs of raw materials. The International Energy Agency expects that India will be the fastest growing consumer of raw materials by 2040.

Said Ramachandran Chairman of Refineries Company “Bharat Petroleum”, the second-largest state-run refinery in India, said that “Saudi Arabia were the king when it comes to crude supplies, but they became Prince.”

Iraq used years ago to be the second-largest oil supplier to India, and as a result of delays in supplies, due Awaq in shipping operations caused by poor infrastructure for ports, but it made improvements to these structures in the last period in a move aimed to provide a stable supply, boosting its position in the Asian markets.

Arun Kumar Sharma, chief financial officer of the largest Indian company to deal with oil and is expected to crude oil supplies from Iraq this year, rising to 18 million tons, 15.6 million tons reached in 2016, while Sthaaft supplies from Saudi Arabia at the same level.

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