Iraq is the primary oil supplier in India

Iraq is the primary oil supplier in India

Editorial Staff
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For the first time, Baghdad has passed Saudi Arabia in crude oil exports to New Delhi. And now Ryad is looking to energy diversification

Iraq has become the number oil supplier to India. The data comes from the official report of the latest trimester that came to a close in June and registered an historical moment with Iraq, despite the social and political instability of the country, recording a higher level of exports to India than the amount of crude oil exported from Saudi Arabia, one of the world’s top crude oil exporters, to New Delhi. According to reports, Iraqi oil totaled to about 1/5 of Indian imports in the second trimester of this year, compared to 16% from last year.  While the state run Saudi Aramco has always been the primary supplier in India. Given this shift in the lead, Ryad might now have to lower oil prices in order to regain market share, particularly with Saudi Aramco’s upcoming market quotation. Ryad has also, in recent weeks, the construction of one of the biggest Liquefied Natural Gas (LNG) hubs in the world, clear sign of an energy diversification process underway as well as a willingness to regain market share also in this "new" raw material given the decrease in crude oil prices and exportation.