NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Supreme Court Of India
    Central Bureau Of Investigation (CBI)
    Indian Army
    Indian Railways
    Indian Air Force
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / India News / Iraq surpasses Saudi to top Indian oil supplies
    India

    Iraq surpasses Saudi to top Indian oil supplies

    Iraq surpasses Saudi to top Indian oil supplies
    Written by Gaurav Jeyaraman
    May 18, 2017, 07:09 pm 2 min read
    Iraq surpasses Saudi to top Indian oil supplies

    Iraq has surpassed Saudi Arabia, to become the top supplier of Oil to India, according to Reuters. Iraq's supplies in April crossed the 1 million barrels per day mark, an 8% jump from supplies last year. Saudi Arabia is the second largest supplier, followed by Iran, Nigeria and Venezuela. The increase in supplies is due to price increases by Saudi and cheaper Iraqi crude.

    Indian oil supplies face shocks

    Oil supplies to India faced several shocks in recent months, especially after OPEC decided to impose harsh production cuts to improve oil prices. India's South American source in Venezuela was also compromised due to unrest in the country against Maduro's regime, leading to reduced supplies. This left India with only Iraq and Iran to shore up oil supplies for Indian refineries.

    Iraq's Basra crude helps India

    Sources stated that India decided to go for the cheaper but heavier Basra crude oil which comes from Iraq. Heavy crudes are difficult to distil, and hence are cheaper. Indian refineries are being modernized to distil heavier crudes. As the Basra crude was almost $2.85 cheaper per barrel than Saudi crude, India made huge savings while not compromising much on the output.

    Indian oil majors rejoice

    Indian oil majors said "Basra heavy is good for refineries with coker units, it is also good for conventional refiners that make bitumen as that is in demand in India. Also is available at discounts so it is value for every dollar that we spend."

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    India
    Reuters
    Saudi Arabia
    Iraq

    Latest

    Mumtaz opens up about starring in Sanjay Leela Bhansali's 'Heeramandi' Bollywood
    Manu Kumar Jain quits Xiaomi after 9 years Manu Jain
    Upendra Rao's 'Kabzaa' trailer to be released on this date! Shriya Saran
    GAC portal to address social media grievances from March 1 Ministry of Electronics and IT

    India

    Congress's Jairam Ramesh reacts to S Jaishankar's 'China 1962' remark Congress Party
    Swedish woman flies to India to marry Uttar Pradesh man Uttar Pradesh
    India wants to change Indus Waters Treaty, cites Pakistan's 'intransigence' Pakistan
    Axar Patel marries fiancee Meha; see viral pictures and videos Axar Patel

    Reuters

    Mexico: Mayor weds alligator dressed as bride in age-old ritual World
    280 killed as powerful quake of magnitude 6.1 strikes Afghanistan World
    India's Q4 GDP pegged at 2.7%, lower than Q3: Experts Business
    Pulitzer-winning Indian photojournalist Danish Siddiqui killed in Afghanistan World

    Saudi Arabia

    Camel flu threat looms over FIFA World Cup; advisory issued Camil flu
    On immunity to Saudi Crown Prince, US cites PM Modi Narendra Modi
    Indians no longer need police clearance certificate for Saudi visa Job Fair
    Anti-kingdom tweets: Saudi Arabia jails US citizen for 16 years Mohammed Bin Salman

    Iraq

    Islamic State announces leader's death, appoints Abu al-Hussein as successor ISIS
    Iranian forces open fire, beat women as anti-hijab protests swell Iran
    5 must-read books by Nicholas Sparks Books
    UK government approves Wikileaks founder Julian Assange's extradition to US Afghanistan

    Love India News?

    Subscribe to stay updated.

    India Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023