Iraq discounts heavily to muscle out cheaper Russian oil in India

Iraq boosted its share in June to 26% of total Indian crude imports from 24% in May

India is the last big market left for foreign crude oil suppliers where the door will probably be shut last. And that explains why West Asian crude suppliers led by Iraq are trying to muscle in to retain market share that they have been losing to Russia over the past few months.

Iraq, India’s biggest oil supplier, undercut Russia in June by supplying a range of crudes that on an average cost $9 a barrel less than Russian oil. A similar $9 a barrel discount in favour of Russian oil in May had led to a mild erosion