SULAIMANI (ESTA) — Indian state refiner Hindustan Petroleum Corp (HPCL) will lift 45% more oil from Iraq this year, Reuters cited sources familiar with matter as saying.
The sources told Reuters that the refiner would buy 3.2 million tons or about 64,000 barrels per day (bpd) from Iraq in 2022, up from 44,000 bpd in 2021.
Iraq is the top oil supplier to India, and higher purchases by HPCL will further strengthen the Middle East nation’s share in Indian markets.
An Iraqi source has said the country will be able to boost exports by as much as 250,000 bpd from the second quarter after finishing the installation of pumping stations as its Gulf ports, Reuters reported.
For Iraq, OPEC’s second-largest producer, oil revenue represents at least 95% of its income. It has been hit by the collapse in demand and oil prices last year, caused by the COVID-19 pandemic.
