Iraq loses ground in India’s crude market

Shafaq News/ India’s crude oil imports from Iraq fell to their lowest level in four years during the 2024–2025 period.

According to official data, Iraq’s exports to India declined to an average of 870,000 barrels per day (bpd) in 2024 and the early months of 2025, marking a significant drop amid shifting global oil dynamics.

Russia, facing Western sanctions over its invasion of Ukraine, solidified its position as India’s top supplier for a third consecutive year. It redirected much of its oil exports to Asia at discounted prices—making it increasingly competitive in the Indian market. In March alone, Russian oil exports to India averaged 1.7 million bpd, nearly double Iraq’s supply.

India’s crude imports from Saudi Arabia also declined during the same period, falling to 590,000 bpd, the lowest level in 14 years.

Russia’s aggressive pricing and pivot to Asian markets have enabled it to displace Iraq as India’s top oil supplier, reshaping trade flows across the region and challenging the long-standing dominance of Middle Eastern producers in South Asia’s largest energy market.