NEW DELHI: A consistent stream of Russian shipments undercut other suppliers, lowering the price of Iraqi oil to India in February.
In February, the average price of a barrel of petroleum from Iraq was $76.19, down from $78.92 in January, according to information released by the Indian ministry of commerce and industry. Russian supplies had an average price of $72.14, somewhat less than in January.
Since many other purchasers avoided buying Russian crude owing to the conflict in Ukraine, India and China emerged as two of its main clients. The OPEC+ member has established itself as the principal oil supplier to South Asia.
The most costly crude in February for Indian consumers averaged $87.66 a barrel. In January, that was $85.84 less. The ministry’s data is provisional and refers to oil that was delivered to the port.