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India's Discounts on Russian Oil Plummet Amid Middle Eastern Tensions

Guavy AI Editorial Team
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Discounts on Russian Urals crude oil supplied to India have narrowed significantly in recent weeks. According to three trading sources, the discount has fallen to just $1-2 per barrel compared to Brent this week.

This marks a sharp reduction from early July when Urals cargoes were sold in India at a discount of over $10 per barrel due to an oversupply of Middle Eastern oil and weak demand from China.

India and China remain the largest buyers of Russian oil, which has been redirected from Europe to Asian markets following Western sanctions imposed on Russia in response to its full-scale invasion of Ukraine.

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