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India is asking Iraq for more discounts for oil prices
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2023-08-28 00:46
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Shafaq News/ India asked Iraq for more discounts in the prices of oil supplied to it, similar to cheap Russian oil, which has become the largest supplier of oil to India since May 2022, after Iraq was the first.
Indian refiners, who are working to diversify their sources of oil imports to reduce costs, began buying Russian oil at a reduced price, after Europe stopped buying from Russia after imposing sanctions on it.
Several officials and industry executives said that Iraq - which is the largest oil exporter to India - wants to discuss the level of expected cuts from Indian refiners, according to what was reported by the "Business Standard" platform.
The newspaper quoted sources as saying that India will soon discuss with Iraq ways to obtain a discount rate for crude oil, similar to what New Delhi gets from Russia.
In the past year (2022), Baghdad offered oil at lower prices than Russia in June, by supplying a group of its crudes that cost - on average - $9 per barrel less than Russian crude.
"Although oil imports from Iraq remained the mainstay of our purchases, given the global complexities and turbulent internal situation in Iraq, India needs alternative mechanisms," an Indian official said.
The export grade range of Iraqi Basra crude is attractive to the Indian refineries that have taken place and is also of great value for the production of commodities such as diesel.
As part of the long-planned comprehensive reform of its crude oil, Iraq raised during the past year (2022) the degree of availability of Basra Medium and Heavy crudes - which are relatively cheaper than Basra Light crude - suitable for the modernized Indian refineries.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
2023-08-28 00:46
Share
Font
Shafaq News/ India asked Iraq for more discounts in the prices of oil supplied to it, similar to cheap Russian oil, which has become the largest supplier of oil to India since May 2022, after Iraq was the first.
Indian refiners, who are working to diversify their sources of oil imports to reduce costs, began buying Russian oil at a reduced price, after Europe stopped buying from Russia after imposing sanctions on it.
Several officials and industry executives said that Iraq - which is the largest oil exporter to India - wants to discuss the level of expected cuts from Indian refiners, according to what was reported by the "Business Standard" platform.
The newspaper quoted sources as saying that India will soon discuss with Iraq ways to obtain a discount rate for crude oil, similar to what New Delhi gets from Russia.
In the past year (2022), Baghdad offered oil at lower prices than Russia in June, by supplying a group of its crudes that cost - on average - $9 per barrel less than Russian crude.
"Although oil imports from Iraq remained the mainstay of our purchases, given the global complexities and turbulent internal situation in Iraq, India needs alternative mechanisms," an Indian official said.
The export grade range of Iraqi Basra crude is attractive to the Indian refineries that have taken place and is also of great value for the production of commodities such as diesel.
As part of the long-planned comprehensive reform of its crude oil, Iraq raised during the past year (2022) the degree of availability of Basra Medium and Heavy crudes - which are relatively cheaper than Basra Light crude - suitable for the modernized Indian refineries.
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