Saudi Arabia, Iraq allocate full term crude volumes to Indian refiners in December, sources say

Middle Eastern producers Saudi Arabia and Iraq have allocated full term crude volumes to Indian refiners for December, while also offering more under optional contracts, sources at three Indian refiners said on Tuesday.

Growing demand from Indian suppliers for Middle East crude came after they paused Russian oil buying due to tightening Western sanctions.

Britain, European Union and United States last month designated Russia top oil producers, Rosneft and Lukoil, triggering immediate trade disruptions as sanctions fears drove away buyers in India and China.