Discounts on Russian oil, which is supplied to India, have fallen to a record level.
"Discounts on the Russian flagship Urals oil delivered to Indian ports in July reached the lowest level since 2022, as spot supplies declined," Reuters reports, citing traders.
According to them, low discounts and limited spot supplies are pushing Indian refineries to look for alternative sources. The agency's interlocutors said that discounts on Urals to the reference Brent on delivery ex-ship (DES) were reduced to $ 2.25 per barrel. This is the lowest discount since 2022.
The decrease in discounts is due to the fact that the demand for Urals has increased. Russian oil traders told the agency about higher demand from refineries in Turkey, which has recently been competing with Indian refineries.
In April, Turkey's largest oil refinery Tupras resumed the purchase of Urals.
According to Reuters sources, some Indian refineries that do not have long-term contracts will not receive enough Urals crude in July. At the same time, Reliance Industries, the largest private oil refinery, managed to conclude an urgent supply agreement with Rosneft, which is why there is less Russian oil on the spot market.
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