In an effort to strengthen its energy ties with Iraq, India plans to boost its annual oil purchases from the country, according to a tweet by Oil Minister Hardeep Singh Puri. The announcement came after Puri’s meeting with his Iraqi counterpart, Hayan Abdel-Ghani, in New Delhi on Tuesday.
While Iraq used to be India’s primary oil supplier, it has slipped to the second position due to increased purchases of Russian oil by Indian refiners. The surge in Russian oil imports is attributed to discounted prices resulting from Western sanctions on Russia following the conflict in Ukraine.
Highlighting the significant trade relationship between the two nations, Puri stated that India is Iraq’s second-largest trade partner, with annual trade valued at USD 37 billion.
Puri further emphasised that the discussions between the two ministers extended beyond energy and hydrocarbon trade. They explored avenues for expanding the trade basket and enhancing cooperation in various sectors, including trade and investment, health and education, sports, medical tourism, and capacity building.
This move demonstrates India’s commitment to strengthening its economic ties with Iraq and diversifying its energy sources to meet its growing demands.
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