India remained top buyer of Russian Ural oil in Aug despite rising prices
India remained the main buyer of Russian Urals oil loaded from the state’s ports in August, despite a record rise in prices for the grade, traders, LSEG data and Reuters calculations showed.
Indian refineries said in August that the Urals discount to the dated Brent benchmark crude had narrowed too much, making them cut purchases of the grade in September.
Discounts for Urals oil loading in August narrowed to $5 per barrel and below on a DES (delivered ex ship) basis in Indian ports – a record low since a European Union embargo on Russia’s oil.
