Iraq's oil exports to India decline by 4%
From January to June 2025, Iraq's crude oil shipments to India averaged 860,000 barrels per day, compared to 900,000 barrels per day in 2024, Shafaq News reported.
Russia remained the top supplier of crude oil to India, with 1.67 million barrels per day, followed by Iraq and Saudi Arabia.
India's imports of Iraqi oil fell by 28,000 barrels per day, decreasing from 959,000 barrels per day in May 2024 to 931,000 barrels per day.
In early 2025, Indian refineries switched to non-Russian oil after the government informed them about US sanctions weeks before they were publicized.
China and India continue to be major importers of Iraqi oil during May, according to customs data analysis from the two countries.
Last month, China's imports of Iraqi oil grew by more than 22,000 barrels per day on an annual basis, to 1.11 million barrels per day, compared to 1.08 million barrels per day in the same month in 2024.
During the first five months of 2025, Iraq's crude oil exports averaged approximately 3.33 million barrels per day, compared to 3.45 million barrels per day during the same period in 2024.
Iraq's total seaborne exports of oil decreased to 3.66 million barrels per day during May 2025, compared to 3.87 million barrels per day in May 2024.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
2 hours ago
- Shafaq News
Gold prices fall on Trump trade news
Shafaq News Gold prices dropped on Monday after U.S. President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieves for several countries, dampening demand for the safe-haven metal. Spot gold fell 0.7% to $3,311.09 per ounce as of 0626 GMT. U.S. gold futures lost 0.7% to $3,320.30. The U.S. is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday, with the higher rates scheduled to take effect on August 1. In April, Trump announced a 10% base tariff on most nations, with additional duties of up to 50%, before postponing the effective date for all but 10% of those tariffs until July 9. The new date now grants a three-week reprieve. 'This short-term reprieve (by the U.S.) is causing this intraday weakness in the gold price right now,' OANDA senior market analyst Kelvin Wong said. 'What I foresee will be another round of so-called trophy price movement at around the $3,320 level, then we have the top side coming in at $3,360, short-term resistance.' Meanwhile, Trump said the U.S. will impose an additional 10% tariff on countries that align themselves with the 'Anti-American policies' of the BRICS group of developing nations, without clarifying or expanding on the 'Anti-American policies'. Concerns of tariff-driven inflation have led to expectations of slower Federal Reserve rate cuts. Rate futures show traders no longer expect a Fed cut this month and are pricing in a total of just two quarter-point reductions by the year-end. USDIRPR/ Last week, Trump signed into law a massive package of tax and spending cuts at the White House, which, per nonpartisan analysis, will add more than $3 trillion to the country's $36.2 trillion debt. Spot silver fell 0.9% to $36.58 per ounce, platinum shed 2.4% to $1,358.62 and palladium lost 1.9% to $1,113.23.
Shafaq News
3 hours ago
- Shafaq News
Oil slips on OPEC+ hike
Shafaq News Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations. Brent crude futures fell 47 cents, or 0.69%, to $67.83 a barrel by 0327 GMT, while U.S. West Texas Intermediate crude was at $66.05, down $0.95, or 1.42%. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August. "The increased production clearly represents a more aggressive competition for market share and some tolerance for the resulting decline in price and revenue," Tim Evans of Evans Energy said in a note. The August increase represents a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April. The decision will bring nearly 80% of the 2.2 million bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts led by Helima Croft said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, they added. In a show of confidence in oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on August 3. Oil also came under pressure as U.S. officials flagged a delay on tariffs but failed to provide details on the change. The U.S. is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates scheduled to take effect on August 1. Trump in April announced a 10% base tariff rate on most countries and higher 'reciprocal' rates ranging up to 50%, with an original deadline of this Wednesday. However, Trump also said levies could range in value from 'maybe 60% or 70% tariffs to 10% and 20%', further clouding the picture. 'Concerns over Trump's tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now,' said Priyanka Sachdeva, a senior market analyst at Phillip Nova.
Shafaq News
3 hours ago
- Shafaq News
Trump threatens BRICS allies with new tariffs
Shafaq News – Washington On Monday, US President Donald Trump threatened an additional 10% tariff on any nation supporting what he labeled the 'anti-American policies' of BRICS, as the group wrapped up its annual summit in Brazil. 'There will be no exceptions to this policy,' Trump declared on Truth Social, without specifying which policies he meant. His threat followed a BRICS joint statement in Rio de Janeiro reaffirming their commitment to a rules-based, transparent, and non-discriminatory multilateral trading system centered on the World Trade Organization. In Washington, Treasury Secretary Scott Bensent also confirmed the new tariffs would take effect August 1 unless targeted countries reach trade agreements with the US beforehand. Trump had already announced sweeping tariff hikes in April, ranging from 10% to 50% on nations running trade surpluses with the US. Those measures were paused for negotiations, with a final deadline set for July 9.
