India’s oil imports from Iraq boosted in August by shipping around 1.32 million barrels per day (b/d), according to tanker arrival data obtained from industry and shipping sources, Zawya reported citing Reuters.
India’s August imports from Iraq were about a third more than July and 29% higher compared to August 2018.
The main reason for that increase in August was that India’s refineries replaced their imports from Africa with cheaper imports from Iraq.
It is worth mentioning that the production cuts by the Organization of the Petroleum Exporting Countries (OPEC), as well as the US sanctions on Iran and Venezuela, enabled Iraq to yield market share in India.
Recently, Iraq produced around 4.8 million b/d, which exceeds its target of 4.5 million b/d.