Iraqi oil to India gets cheaper as competition From Russia bites

NEW DELHI: The cost of Iraqi oil to India dropped in February as a steady flow of Russian cargoes undercut other suppliers.

The price of crude from Iraq averaged $76.19 a barrel, compared with $78.92 in January, according to data published by India’s ministry of commerce and industry. Russian supplies averaged $72.14, marginally lower than January.

India and China emerged as a key consumers of Russian crude after many other buyers shunned its barrels due to the war in Ukraine. The OPEC+ producer has cemented itself as the South Asian nation’s biggest supplier of oil.

Crude from Saudi Arabia was the most expensive for Indian buyers in February, averaging $87.66 a barrel. That compares with $85.84 in January. The data from the ministry is preliminary and represents oil delivered to the port.