India may prefer Middle East crude as Russian oil becomes costly: Report
India is in talks with traditional Middle East crude exporters for boosting purchases as Russian imports lose their pricing edge, according to a government official.
The discount on Russian crude has drastically reduced, making Urals, the country’s main export grade, less attractive, and that makes it prudent to buy from trusted suppliers, said the official, who didn’t wish to be identified citing rules.
India and China have been the two dominant buyers of Russian crude since the invasion of Ukraine more than a year ago after the war prompted other countries to shun the OPEC+ producer.
