Russia offers crude at big discount
Russia is offering 15 million barrels of cheap crude oil from the Urals to India for this year. Discussions on the contract and payment are being held with the possibility of a deal being signed during Russian foreign minister Sergei Lavrov’s two-day visit to India which begins Thursday.
A Bloomberg report said sanctions-hit Russia is offering its flagship Urals grade to India at “discounts of as much as $35 a barrel on prices before the war to lure India to lift more shipments”.
With Brent crude ruling at $108 at present and at a tad below $100 on February 24 when Russia invaded Ukraine, the offer represents a massive discount as Moscow scrounges for buyers in the aftermath of the sanctions by the West, led by the US.
