Oil exports from Iraq dominate the Indian market
Iraq holds top spot as a major oil exporter to India, according to the Iraqi oil marketing company (SOMO). According to Alaa Khader Al-Yasiri, the director of the company, global crude oil prices have been adversely affected since the outbreak of the Russian-Ukrainian war as they soared rapidly towards record numbers, which prompted many countries to buy crude oils. To search for less expensive alternatives to avoid losses resulting from high prices.
A number of countries have found that Russian crude oils, which are sold at very large discounts, are a viable substitute for competing crude oils. SOMO has, however, won the majority of the market share in the Indian market since 2017 despite the marginal increase in Russian oil exports to India which the country needs for their oil security reserves.