Baghdad (IraqiNews.com) – Iraq’s oil supplies to India fell significantly in March due to supply difficulties in the Middle East caused by regional tensions and the closure of the Strait of Hormuz. According to Reuters, shipments from Iraq and the UAE plummeted to their lowest levels in years, reducing India’s import proportion of Middle Eastern oil to a historic low of roughly 26 percent. To cover the gap, Indian refineries increased their purchases from Russia.
During the same month, Russian oil accounted for about half of India’s imports, which were at record levels. Iraq’s ranking among oil suppliers to India has also fallen, having formerly been one of the most prominent, slipping behind nations such as Saudi Arabia and Angola, as the global supply map has clearly changed. Experts are concerned that ongoing regional tensions may lead to a continued decline in Iraqi oil shipments to the Indian market, particularly if shipping through the Strait of Hormuz does not return to normal operations.