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Iraq leads with discounts as W Asia retains top slot in Indian oil market

Iraq, India's biggest crude oil supplier, maintained its lead over Russia in August, supplying 12-20 per cent more to India in the first 30 days of the month

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India needed less crude in August because of shutdowns at major refineries reducing the need for spot Russian shipments, industry officials said.

S Dinakar Amritsar
West Asian crude suppliers are making a comeback in the Indian oil market, staving off Russia’s attempts to entrench itself on the strength of large discounts and going to the extent of offering rates lower than even the discounted Russian supplies.

Iraq, India’s biggest crude oil supplier, maintained its lead over Russia in August, supplying 12-20 per cent more to India in the first 30 days of the month, according to two leading data intelligence agencies that estimate crude oil shipments by tracking tanker movements.

Iraq supplied around 895,000 barrels a day (b/d) of crude to India as of August

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First Published: Aug 31 2022 | 2:56 PM IST

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