Iraq outpaces Saudi Arabia as India’s no.1 oil supplier

According to shipping data from Bloomberg, Iraq has outpaced Saudi Arabia as India’s top oil supplier, Oilprice.com reports.

Key Points:

Iraq produced almost a quarter of the oil India imported last month, or 23 percent, exporting at a daily rate of 1 million barrels.

That is compared to a monthly average export market share of 19 percent for the prior four months.

Saudi Arabia, on the other hand, supplied 17 percent of the crude India bought in May.