Baghdad (IraqiNews.com) – Iraq, Saudi Arabia, and Kuwait will increase crude oil shipments to India in December as Indian oil refineries look for alternatives to Russian oil.
The increase in Middle Eastern crude demand coincides with many Indian refiners suspending purchases from Russia due to tighter Western sanctions, allowing OPEC exporters to reclaim market share in the world’s third-largest oil consumer and importer, according to Reuters.
Last month, Britain, the European Union, and the United States imposed sanctions on Russia’s main oil producers, Rosneft and LUKOIL, causing immediate trade problems as concerns pushed away clients in India and China.
According to reports, Indian oil refineries have received full oil allocations from the two major OPEC producers, as requested.
At least one oil refinery would get a bigger monthly shipment from Iraq compared to the previous month, according to sources. Saudi Aramco has also increased supply to another refinery in India.
Additionally, Kuwait Petroleum will provide extra oil to Indian refineries in November and December.
Middle Eastern suppliers have enough oil, which they are offering access to.
Indian oil refineries are also looking for greater supplies after Saudi Arabia’s Aramco and Iraq’s State Oil Marketing Organization (SOMO) reduced official selling prices.
