September numbers are in, on Indian oil imports from Russia.
OilPrice.com (1 Oct):
“India’s crude oil imports from Russia dropped by about 100,000 barrels per day (bpd) in September compared to August as Indian refiners expand crude sources amid ongoing U.S.-India trade talks and U.S. pressure on the world’s third-largest crude importer to stop importing Russian oil and prop up the Kremlin’s energy revenues.
India imported on average 1.61 million barrels per day (bpd) of crude from Russia last month, down from 1.72 million bpd in August and a 16% decline compared to September last year, according to Kpler data cited by Bloomberg.”
Iraq is prepared to surge oil production by more than another million barrels per day, over just the next few months (involvement of American oil majors is increasing in Iraq).
This increase is in addition to the restart of exports from Iraqi Kurdistan, through Turkey, earlier this week.
Party on Russia’s former market share! Conditions are well set to knock Russian exports offline, and let them freeze shut for good.
Tomahawk Chop!
OilPrice.com (1 Oct):
“OPEC’s second largest producer, Iraq, plans to increase its oil production capacity to 5.5 million barrels per day (bpd) by the end of the year, up from about 4.4 million bpd now, Iraqi Oil Minister Hayyan Abdul Ghani told the Rudaw news outlet on Wednesday.
“The plan is to reach sustainable production capacity this year at a rate of 5.5 million barrels per day through expansion in well drilling and rehabilitation operations, building surface facilities and pipelines, and increasing water injection to maintain reservoir pressure,” Abdul Ghani said.
Iraq plans further production capacity increases to have its output capacity at above 6 million bpd by 2029.”