Demand and storage cause notable shifts in Iraq’s oil flow to India, China

FORBES | The flow of Iraqi crude oil to Asia’s giant oil consumers took a new turn in the past two months, influenced by waning oil demand, and trading activities amid low prices. Basrah exports to the Indian market kept dropping in May, reaching their lowest monthly level since mid-2018, according to vessel tracking data. Exports to China, on the other hand, climbed to an all-time high, months after COVID-19 fueled concerns over Iraq’s exports to the Chinese market.

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