Iraq, currently the second largest crude oil supplier to India, has assured it to provide as much oil as it could to fulfill the needs of the growing Indian economy.
“Iraq is willing to assist, to provide or to meet as much as it could (to fulfill) the needs of Indian economy,” Iraqi foreign minister Hoshiyar Zebari told Press Trust of India.
Shortage of sanctioned Iranian crude has left the Indian refiners in a rough spot. Insurance companies have outright refused any coverage over refineries using Iranian crude.
Indian oil refineries purchased nearly 20 per cent of Iraq’s crude oil production last year and they are hoping to take it above 30 per cent in future, the sources have said.
Zebari underlined the importance of external affairs minister Salman Khurshid’s two-day official tour to Iraq, saying, “This visit is very important visit for Iraq-India relations”.
Khurshid, who visited Iraq on June 19-20, was the first senior Indian minister to tour the GCC country in last 23 years.
India is also importing crude from South American countries to supplement for the lost Iranian crude.
Â
