India’s oil imports: Iraq holds firm as second-largest supplier

Shafaq News/ Iraq retained its position as the second-largest supplier of oil to India in July, according to recent data from Indian industry and trade sources.

The data, reviewed by Shafaq News, indicated “a 4% increase in India’s crude oil purchases from the Middle East in July, lifting the region's share of India’s total oil imports to 40%, up from 38% in June.”

Indian refineries have increased imports of discounted Russian oil following Western sanctions on Moscow due to Russia’s invasion of Ukraine, which have led to reduced energy purchases from Russia.

Despite this shift, Iraq maintained its status as a key supplier, with Saudi Arabia and the UAE following in the rankings.

India, the world’s third-largest oil importer and consumer, imports over 80% of its oil needs, with its refineries placing significant orders in May for June oil barrels to meet ongoing demand.