Iraq reaches out to Indian refiners to discuss crude oil discounts

Focus on buying Russian crude has led to a decline in imports from West Asia

With 33 per cent of India’s oil import consistently coming from Russia, Iraq has reached out to refiners here with offers to open discussions on what level of discounts would be needed to lure them back, several people in the know said.

Multiple officials and industry executives said Iraq, wants to discuss discounts expected by Indian refiners. Iraq was the largest source of crude oil for India in the first 10 months of the current fiscal year. But imports from Russia are gaining fast and may catch up with Iraq by FY23 end, experts said.

India’s focus on snapping up