Sanctions shock: Discounts on Russian oil jump as refiners shun Rosneft, Lukoil
New Delhi: New Delhi: Discounts on Russian oil have jumped in less than a month as buyers shun oil from sanctioned entities Rosneft and Lukoil.
International buyers avoided Russia after its invasion of Ukraine in 2022, prompting Moscow to offer discounts close to $30 per barrel. Discounts in October, when India and China stepped up purchases, were in the range of $1.7-4 per barrel. They have now increased to $5-6 in the past fortnight, two industry executives said.
