Neutral impactCommodity
Iraq crude shipments to India rebound as Russian crude shipments decline
BusinessLine 1 hr ago·12 Oct 2026, 9:59 am
India’s crude imports from Iraq have started to climb again after a period of decline, while shipments from Russia have dropped sharply, falling about a third to roughly 5.5 million tonnes in the latest month.
The shift matters because Indian refiners rely on a diversified basket of crude to manage costs and feed their large processing capacity. A weaker flow from Russia, which often comes at a discount, can tighten supply and push up the price of alternative grades like Iraqi crude, affecting refinery margins and downstream fuel prices.
Investors should keep an eye on any further changes in Russia‑India trade, OPEC+ output decisions, and the evolving price gap between Russian and Iraqi barrels, as these factors will shape the cost base for India’s oil sector in the coming weeks.
Excerpt from BusinessLine
Iraqi crude oil shipments to India more than doubled in September as Indian refiners increased purchases from the Persian Gulf supplier, amid elevated shipping risks and rising freight rates. Shipments from Iraq ’s Basrah port to India rose 106.3 per cent month on month to 4.41 million tonne in September, up 13.7 per…Read the original at BusinessLine
Key takeaways
- Category: Commodity.
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