India's oil imports from Iraq rose 31.5 per cent in July from a month ago, shipping data showed, allowing the country to retain the top supplier spot for the fourth consecutive month amid declines from sellers such as Venezuela and Iran.
India took 954,400 barrels per day (bpd) of Iraqi oil in July compared with 725,800 bpd in June, according to ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts. India's July imports from Iraq are also nearly 50 percent higher than volumes imported in the same month last year, the data showed.
The spike in Iraqi imports comes amid a slump in Venezuelan crude shipments, which fell 31.1 percent from June to 337,100 bpd in July. Venezuelan crude exports have declined as it struggles to secure the light oil needed to dilute its heavy crude grades for export.
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Read more:
Robin Mills: The invasion of Iraq was never really about oil
India aims to boost energy ties
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India is also diversifying its crude purchases as it plans to order about a quarter less Iranian crude in the fiscal year to March 31, 2018, due to what it perceives as a snub over the development of Iran's Farzad B gasfield. India's imports of Iranian crude fell 16.3 pe rcent on the month to 414,900 bpd, and are down 20.7 per cent from a year ago.
Last month Reliance for the first time bought oil produced from Iran's South Pars field, the data also showed.
Loadings of Iranian oil for India are likely drop to 310,000 bpd this month, the lowest since February 2016, sources told Reuters last week. To make up for the shortfall from Iran, Indian refiners have turned to the spot market and picked up sour crude from Iraq and Russia among others to meet their demand.
India's Russian crude imports in July more than tripled to 148,600 bpd from a year ago.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Jawab Iteiqal
Director: Mohamed Sammy
Starring: Mohamed Ramadan, Ayad Nasaar, Mohamed Adel and Sabry Fawaz
2 stars
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Asia Cup 2018 final
Who: India v Bangladesh
When: Friday, 3.30pm, Dubai International Stadium
Watch: Live on OSN Cricket HD
Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm
CONFIRMED%20LINE-UP
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
