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| Gulf state raises stakes in battle for Indian oil market | |
| (about 5 hours later) | |
| Moscow has become New Delhi’s top crude supplier thanks to sanctions-related discounts | Moscow has become New Delhi’s top crude supplier thanks to sanctions-related discounts |
| Iraq lowered the price of oil supplies to India in February amid a steady flow of cheaper Russian shipments, Bloomberg reported on Tuesday, citing preliminary official statistics. | Iraq lowered the price of oil supplies to India in February amid a steady flow of cheaper Russian shipments, Bloomberg reported on Tuesday, citing preliminary official statistics. |
| According to the outlet, the price of crude from Iraq averaged $76.19 a barrel, compared with $78.92 in January. Data from India’s Ministry of Commerce and Industry reportedly shows that Russian supplies averaged $72.14 a barrel, slightly lower month-on-month. | According to the outlet, the price of crude from Iraq averaged $76.19 a barrel, compared with $78.92 in January. Data from India’s Ministry of Commerce and Industry reportedly shows that Russian supplies averaged $72.14 a barrel, slightly lower month-on-month. |
| Meanwhile, crude from Saudi Arabia was the most expensive for Indian buyers in February, at $87.66 a barrel on average, up from $85.84 a month before. | Meanwhile, crude from Saudi Arabia was the most expensive for Indian buyers in February, at $87.66 a barrel on average, up from $85.84 a month before. |
| India has decreased oil imports from the Middle East amid growing purchases from Russia. According to energy cargo tracker Vortexa, the country’s purchases of Russian oil hit an all-time high of 1.64 million barrels per day last month. | India has decreased oil imports from the Middle East amid growing purchases from Russia. According to energy cargo tracker Vortexa, the country’s purchases of Russian oil hit an all-time high of 1.64 million barrels per day last month. |
| Moscow has been New Delhi’s single largest supplier of crude for six straight months, and its share of Indian oil imports reached 34% in March – double the figure for traditional top supplier Iraq. | Moscow has been New Delhi’s single largest supplier of crude for six straight months, and its share of Indian oil imports reached 34% in March – double the figure for traditional top supplier Iraq. |
| Iraq reportedly shipped 821,952 bpd last month, making it the third biggest supplier after Saudi Arabia, which exported 986,288 bpd. | Iraq reportedly shipped 821,952 bpd last month, making it the third biggest supplier after Saudi Arabia, which exported 986,288 bpd. |
| The world’s third-largest oil consumer, India has been ramping up purchases of discounted Russian oil after Western states shunned direct supplies in response to Moscow’s military operation in Ukraine. | The world’s third-largest oil consumer, India has been ramping up purchases of discounted Russian oil after Western states shunned direct supplies in response to Moscow’s military operation in Ukraine. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |