Russia’s Discounted Oil No Longer a Bargain for India

Russia’s Discounted Oil No Longer a Bargain for India

The price gap that once made Russian Urals crude a go-to for Indian refiners is rapidly shrinking. Traders say the discount on Urals oil for August delivery to India has narrowed to just $1.70–$2 per barrel below dated Brent—the tightest spread since Russia invaded Ukraine in 2022. That discount is down from $2–$2.50 in July, and well below the steep markdowns India enjoyed throughout 2023 and early 2024. The reason? High demand from India and T…

Russia No Longer Gives India Oil Discounts: Too Much Demand - Economic Scenarios

The price gap that once made Russian Ural crude a must-have for Indian refiners is narrowing rapidly. The discount on Ural oil for delivery to India in August has narrowed to just $1.70-$2 a barrel versus Brent crude , traders say, the narrowest differential since Russia invaded Ukraine in 2022. That discount is down from $2-$2.50 in July and well below the sharp reductions India has enjoyed throughout 2023 and early 2024. The reason? High deman…

India’s Russian oil imports hit 11-month high despite US tariff pressure - Cargo Insights

Russian crude accounted for 43.2% of India’s oil imports in June amid US pressure and looming tariff legislation. India’s appetite for discounted Russian crude showed no signs of slowing, with imports hitting an 11-month high in June, even as Washington mulls harsh new trade penalties on countries doing business with Moscow. According to tanker tracking data from Kpler, Indian refiners imported 2.08 million barrels per day of Russian oil last mo…

Discount on Russian Urals oil shipped to India is smallest since 2022, traders say

Narrowing discounts and lower supply of spot Russian barrels will push Indian refiners to look for alternative oil like United Arab Emirates' Murban or U.S. West Texas Intermediate (WTI) grades, traders said