As Russia’s Competition Increases, Iraqi Oil to India is Cheaper

In February, the cost of Iraqi oil to India fell as steady Russian cargoes outweighed other suppliers.

According to data from India’s ministry for commerce and industry, the average price of crude oil from Iraq was $76.19 per barrel, as compared to $78.92 in January. The average Russian supply was $72.14, slightly lower than January.

After many buyers had stopped buying Russian crude oil due to the conflict in Ukraine, India and China emerged as key buyers of Russian crude. The OPEC+ producer is now the largest supplier to oil in South Asia.

Indian buyers paid an average of $87.66 per barrel for crude oil from Saudi Arabia in February. This compares to $85.84 in January. These data are preliminary and only reflect oil that was delivered to the port.