India significantly increased its oil imports from Iraq in January, surpassing 1 million barrels per day (bpd), according to trade data released on Thursday. The figures reveal that India imported 1.1 million bpd from Iraq last month, cementing its position as the country’s second-largest oil supplier, following Russia, which saw a 4.3% rise in exports to 1.58 million bpd.
Saudi Arabia and the United Arab Emirates also retained their places as top suppliers, contributing to a 6.5% rise in India’s total crude oil imports from the Middle East, which reached 2.7 million bpd in January.
India also made notable gains in imports from the United States, with shipments climbing to 218,400 bpd in January from 70,600 bpd the previous month. This surge has propelled the US to become India’s fifth-largest supplier of oil.
Indian refiners are actively working to expand energy trade with the US, aiming to increase bilateral trade from $15 billion in 2024 to $25 billion this year.
Iraq had previously been India’s largest crude oil supplier until 2023, with the country sending 65% of its oil exports to Asia, particularly to India and China.