SANJAYA
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Country focus
West Asia / Gulf
Workhorse term crude supplier
Iraq has been India's workhorse term crude supplier for two decades — Basrah grades for PSU and private refining slates. Iraq is one of five nations under the Iranian vessel exemption framework (26 March 2026), which preserved Iraqi term flows during the Hormuz disruption. The pre-2022 #1 crude supplier was displaced by Russia post-Ukraine; Iraq remains structural baseload.
Diplomacy in the energy sector
Iraq's term crude allocations to Indian PSU refiners are baseload. The 2026 vessel exemption, which lists Iraq among the five nations granted Iranian transit, materially preserved Iraqi flows during peak Hormuz disruption.
Key points
India relations
Basrah Oil Company and SOMO allocate term volumes to Indian PSU refiners. The relationship is one of the longest-standing in India's term-crude book and supplied India's swing demand through the Hormuz disruption under the vessel exemption.
Geopolitics
Iraq's strategic position — large reserves, Gulf-located, OPEC+ member — keeps it structurally weighted in India's term book. Post-2022 Russia displacement was a price-driven shift, not a structural Iraqi exit.
Major companies
Iraqi state upstream operator for the Basrah province.
Iraqi state crude marketing arm; OSP and term allocation authority.
Indian PSU OMCs.
India ties · Multi-decade term Basrah crude buyers.
Routes and players
via Strait of Hormuz
Recent developments
2026-03-31
PPAC supply position confirmed total crude (inland + transit + ISPRL) covered through May. Iraqi flows under vessel exemption part of the secure baseload.
Source: PPAC Snapshot, 31 March 2026
2026-03-26
Iran granted selective Hormuz transit to vessels flagged for India, China, Russia, Iraq, Pakistan. Preserved Iraqi term-crude flows into Indian PSU refiners.
Source: PIB / NMC, 26 March 2026
Sources
Linked developments point to the source record held for that entry. Some country summaries, route descriptions, and static reference notes are authored context and may not carry a source URL. Dates belong to the individual development entries; absence of a link is not a claim of current verification. Where present, sources include Indian government records, company material, and public institutional records.