*Iraq’s position as India’s largest crude oil supplier is shakier than ever. Russia came within 64,000 b/d of Iraq in July according to India’s latest import stats. The 982,000 b/d that India imported from Iraq in July was down 186,000 b/d year-on-year, while the 918,000 b/d from Russia was up a massive 854,000 b/d.
*With India snapping up discounted Russian crude, all its other leading suppliers are feeling the squeeze. No.3 Saudi Arabia, No.4 UAE and No.5 the USA have all seen their supplies to India drop from recent highs (see chart). (CONTINUED - 195 WORDS)
