Some Indian refiners eye non-sanctioned Russian oil amid steep price discounts in 2025
A section of Indian oil refiners is exploring buying non-sanctioned Russian oil after it is being offered at the highest discount in two years, with US sanctions on top producers Rosneft PJSC and Lukoil PJSC upending a lucrative trade.
The price of Ural blend from Russia for Indian refiners has slipped to a discount of as much as $7 a barrel to dated Brent on a delivered basis. The offer is for cargo loading in December and arriving in January, people familiar with the matter told Bloomberg.
