Iraq willing to supply India with as much crude as possible

Iraq has announced that it is willing to supply India’s growing economy with as much oil as possible in the wake of reduced supplies from Iran. Iraq’s Foreign Minister, Hoshiyar Zebari said, “Iraq is willing to assist, to provide or to meet as much as it could (to fulfill) the needs of the Indian economy.”

Iraq has overtaken Iran as India’s second-largest oil supplier, behind Saudi Arabia, as US and EU sanctions have compelled many nations to avoid going to Tehran for supplies. Iraq, which has the world’s third-largest proven oil reserves, currently produces 3.15 million bpd, but has plans to double this figure by 2020.

According to sources, Indian refineries were responsible for the purchase of approximately 20% of Iraq’s total oil output, and there are hopes to increase this figure to more than 30% in the coming years.

Zebari said that a recent visit by Indian External Affairs Minister, Salman Khurshid, “will open some major inroads towards better co-operation between the two countries in many areas of common interests, trade, business, investment and also Indian expertise for Iraqi economy and in all the areas of mutual cooperation.”

Edited from various sources by David Bizley

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