Iraq takes Saudi crown to become oil king of key Asian market

Iraq takes Saudi crown to become oil king of key Asian market

As competition among oil producers for major Asian markets intensifies, Iraq has become India’s top crude supplier for a third month in May, surpassing Saudi Arabia.

Shipping data compiled by Bloomberg showed, Iraq supplied 1 million barrels a day and those supplies accounted for 23 percent of India’s purchases last month, up from an average 19 percent in the previous four months. Saudi Arabia’s share fell to 17 percent.

India’s total crude imports in May stood at 4.35 million barrels a day. Its $2-trillion economy imports more than 80 percent of crude requirements and the International Energy Agency expects it to be the fastest-growing consumer through 2040. Read More…

 

 

 

 

Credit By: RT

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