Russia may emerge as India’s largest oil exporter in July, eclipsing Iraq: report

• Shubham
• 14 July, 2022

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By: Shubham Ghosh

RUSSIA may emerge in July as the largest oil exporter to India besides China to go past its closest competitor Iraq, according to a report cited by the country’s state-run news agency TASS.

“As for India, the increase (in June – TASS) in supplies compared to May amounted to almost 20%, and in annual terms – more than 20 times. Already in July, Russia may become the largest supplier of oil to India, outstripping Iraq (1.02 million barrels per day in June) and providing more than 20% of the country’s oil imports,” the report said.

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Supplies of Russian oil to China are also growing, experts pointed out.

In June, they reached two million barrels per day both by sea and via the ESPO (Eastern Siberia-Pacific Ocean) pipeline, to India – 985,000 barrels per day.

“For the second month in a row, Russia has become the largest oil supplier to China, providing 15% of all imports and surpassing Saudi Arabia,” TASS cited analysts as saying.

Experts said Russian oil exports have fully adjusted to the sanctions and one should hardly expect a significant decrease, at least during summer.