India confident of continuing discounts on Iraqi and Saudi crude oil

Share of imports from traditional middle eastern share has crept up even as Russian oil dominates

India has secured commitments from West Asian crude oil sellers such as Saudi Arabia and Iraq to continue the higher levels of discounts they began in June, multiple sources said.

As crude oil prices remain within striking distance of $100 per barrel, shipments from Saudi Arabia and Iraq have strengthened since July owing to discounts and a reduction in the Asian premium, the extra amount levied by the Organization of the Petroleum Exporting Countries (Opec) on sales to Asian countries.

As of September, the share of Russian crude oil in India’s imports remained at 38 per cent, less than its