India is in talks with Iraq to secure discounted rates on crude oil imports as it intends to reduce imports from Russia in the coming months.
 
The Russian crude imports may be curtailed due to diminishing discounts and as payment issues continue, The New Indian Express reported citing an official in the Indian petroleum ministry.
 
He stated that negotiations also involve increasing the payment processing time from 60 to 80 days.
 
India, the world’s third-largest crude importer, has been purchasing cheaper Russian oil since February 2022.
 
In April, India’s imports from Russia exceeded its two biggest suppliers – Iraq and Saudi Arabia.

Petroleum Minister Hardeep Singh Puri said India aims to increase imports from the current one billion barrels after meeting his Iraqi counterpart Hayan Abdel-Ghani in New Delhi last month.

(Editing by Seban Scaria seban.scaria@lseg.com)