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

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