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.
