Russia has increased its discounts on crude oil sales to Indian refiners by 25–50 per cent for the month of September. This move comes after pushbacks by Indian refiners threatened to erode Russia’s market share of over 42 per cent in India’s crude imports, according to industry officials.
The availability of cheaper Russian oil has led to a rebound in Indian purchases this month, after purchases in August dropped to the lowest level since January.
The discounts on the Russian benchmark Urals, a sour, high-sulphur grade similar to Gulf crudes sourced by Indian oil companies, had dropped to as low as $3–4 per barrel last month. However, they have since widened to $5–6 per barrel this month, as reported by