New Delhi April 11 2023: The cost of Iraqi oil to India dropped in February as a steady flow of Russian cargoes undercut other suppliers.
The price of crude from Iraq averaged $76.19 a barrel, compared with $78.92 in January, according to data published by India’s ministry of commerce and industry. Russian supplies averaged $72.14, marginally lower than January.
India and China emerged as a key consumers of Russian crude after many other buyers shunned its barrels due to the war in Ukraine. The OPEC+ producer has cemented itself as the South Asian nation’s biggest supplier of oil.
Crude from Saudi Arabia was the most expensive for Indian buyers in February, averaging $87.66 a barrel. That compares with $85.84 in January. The data from the ministry is preliminary and represents oil delivered to the port.