Iraq ready to fulfil India's oil needs

Iraq ready to fulfil India's oil needs

Iraq, currently the second largest crude oil supplier to India, has assured it of as much oil to 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 the Indian economy,” Iraqi Foreign Minister Hoshiyar Zebari said. Top Iraqi officials believe that India, with its strong economic growth, will be needing more fuel particularly crude oil and oil-rich Iraq is in a unique position to supply and meet that demand.

Iraq produces 3.15 million barrels a day of crude and plans to double the output by 2020.Pointing out that Iraq has the world’s third largest proven oil reserves and is now second largest oil supplier to India, Zebari said Iraqi potentials are huge in the coming decades.

In recent months, Iraq has replaced sanctions-hit Iran as India’s second largest crude oil supplier. 

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, sources said.India has reduced its dependence on Iranian oil in the wake of the US and European Union sanctions on the import of oil from the Islamic Republic.