As Russian discounts erode, Indian oil refiners may shift back to the Gulf

Indian state refiners may not buy Russian oil as the discounts have dwindled and the payment-related troubles continue, The Economic Times (ET) has reported. The report cited a petroleum ministry official saying that the state-owned oil refiners will increase their purchases from their traditional suppliers in the Gulf, including countries like Iraq and UAE. The official added that these countries are also willing to offer credits for a longer period of time.

The developments come in as the Russian oil discount has evaporated with time, and it no more makes sense for Indian companies to continue buying Russian oil.