Iraq is new oil king, beats Saudis in fastest growing market

Mumbai

IRAQ is gaining the edge over Saudi Arabia in the world's fastest-growing oil consumer amid an intensifying race among producers to retain their most-prized markets.

Iraq was the top crude supplier to India for a third month in May, shipping one million barrels a day, according to shipping data compiled by Bloomberg. Iraqi supplies accounted for 23 per cent of India's purchases last month, up from an average 19 per cent in the previous four months, while Saudi Arabia's share fell by one percentage point to 17 per cent, the data showed.