Discounts for Russian flagship Urals crude in Indian ports have tripled since August against dated Brent as U.S. sanctions drive key buyers away from Moscow-supplied oil, three sources involved in the trade
Discounts for Russian flagship Urals crude in Indian ports have tripled since August against dated Brent as U.S. sanctions drive key buyers away from Moscow-supplied oil, three sources involved in the trade said.
The United States last month imposed its toughest sanctions yet on Russia’s energy sector, targeting oil majors Lukoil and Rosneft. Friday marks the deadline for companies to wind down all dealings with the two producers.
Urals crude has been a mainstay feedstock for Indian refiners since 2023, when Moscow redirected flows to Asia after the European Union banned Russian energy. But supplies to India are set to fall sharply as most refiners suspend purchases, traders said.
Reliance Industries, India’s largest private refiner, stopped importing Russian crude into its Jamnagar complex in Gujarat effective November 20, a company spokesperson said on Thursday.
RUSSIA OIL EXPORTS FROM WESTERN PORTS NEAR PEAK LEVELS
Despite the sanctions, Russia’s oil exports from western ports remain near peak levels, supported by OPEC+ output allowances and domestic refinery outages caused by Ukrainian drone strikes.
Urals cargoes for December delivery are trading at discounts of $5–$6 a barrel to dated Brent, about three times wider than the $1–$2 seen in August, according to
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