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Iraq’s oil exports pose challenge to Russia’s dominance as India’s main oil supplier
Russia’s dominance as India’s top oil supplier in January is at risk because of Iraq’s oil exports. Iraq’s oil exports to India reached 1.17 million barrels per day until January 22, compared to nearly 1.09 million barrels per day from Russia, according to Bloomberg. Russia has been the largest oil supplier to India since October 2022. The Indian Minister of Petroleum and Natural Gas, Hardeep Singh, indicated earlier in January that Russian oil had lost its price advantage compared to Iraq’s crude oil, prompting Indian refining companies to search for alternative sources of crude. According to market ... (full story)