Iraq seen replacing Russia as India’s top source of crude

India has pivoted back to Iraq for its crude oil supplies with Russian imports held up by the Red Sea shut-in as well as the threat of US sanctions.

Data from Kpler shows India has been importing a record 1.3m barrels per day from Iraq this month.

Russia had become India’s top supplier of crude oil after the country started offering heavy discounts on its crude post the outbreak of Russia-Ukraine war, something that transformed the global tanker trades over the past two years. This Russian dominance is now fading however.

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