India's crude oil imports from Iraq reached a record high in August

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New delhi date. September 27, 2019, Friday

India's imports of cod oil from Iraq reached a record high in August. Last month, India imported 8.5 million barrels of crude oil per day from Iraq, which was 5 percent older than July and 5 percent higher than August 1, according to available data. India is the third largest oil importer in the world. Iraq maintains its position as India's top supplier.

India's crude oil is becoming expensive due to India's imports from Iraq, sources at the Petroleum Ministry said. Imports of African oils declined by 8 percent in August to 6 barrels per day.

Iraq's oil supply to India has increased due to OPEC cuts to oil production and US sanctions imposed on Iran. As Iraq's oil is becoming increasingly available in the spot market, refiners here choose to buy it. Iraq's oil is available at attractive prices.

Saudi Arabia is India's second largest cod oil supplier after Iraq. India's total imports of cod oil in August stood at 3 lakh barrels per day, which remained the same in July.

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