India’s Iraqi oil imports slumped to 20-month low in October, say trade sources

• Shubham
• 10 November, 2022

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By: Shubham Ghosh

India’s oil imports from the Western state of Iraq slumped to a 20-month low in October as refiners persisted with buying discounted Russian barrels and backed purchases of West African crude, preliminary tanker arrival data received from trade sources showed, according to Reuters.

The world’s third-biggest oil importer and consumer purchased 907,500 barrels per day (bpd) of oil last month from Iraq, its top supplier, a decline of 9.6 per cent from a year earlier and the lowest since February last year, according to the data.

India’s oil imports from its No. 2 supplier Russia also slowed down in October as Nayara Energy, partly owned by Russian oil major Rosneft, decreased purchases ahead of maintenance at its refinery from November, the data showed.

Refiners in India have been buying Russian barrels at a discount after some Western countries avoided purchases from Moscow following its invasion of Ukraine.

[With Reuters inputs]