US EditionIndia Picks Up Non-Sanctioned Russian Oil as Discounts Widen
Indian refiners bought discounted Russian crude from non-sanctioned sellers for January delivery, with discounts widening to about $5 per barrel, amid sanctions-related uncertainty.
- State-Run refiners Indian Oil Corp. and Bharat Petroleum Corp. bought Russian crude for January delivery, with IOC having purchased non-sanctioned crude for several weeks including December shipments.
- Lured by roughly $5-a-barrel discounts, refiners bought cargoes from new trading entities booked about $5 per barrel below Dated Brent, with Russia likely receiving about $40-$45 per barrel in UAE dirhams and US dollars.
- Four major Russian producers—Rosneft, Lukoil PJSC, Surgutneftegaz and Gazprom Neft—are blacklisted by the US, prompting banks working with Indian refiners to increase scrutiny, while MRPL and HPCL-Mittal Energy Ltd. avoid Russian crude.
- Tighter sanctions could knock Russia from its recent position as India's top supplier, with imports unlikely to exceed one-third of 2024 pace or about 600,000 barrels per day.
- India's crude intake from Russia is still expected to remain far below this year’s typical levels, with Reliance Industries stopping Russian oil processing at part of Jamnagar and Nayara Energy Ltd. usually accounting for more than half of imports.
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India's state-owned refiners, including Indian Oil Corp. and Bharat Petroleum Corp., bought Russian oil for supplies in January, tempted by hefty discounts.
India Quietly Restarts Discount Russian Oil Purchases at $5/Barrel Off
India’s state-owned refiners have resumed buying discounted Russian crude oil after months of caution, Bloomberg reported on December 1. According to the sources, Indian Oil Corp. and Bharat Petroleum have purchased Russian crude for January delivery from non-sanctioned intermediaries, taking advantage of larger volumes and deeper discounts now being offered by new trading outfits operating outside Western sanctions. Every article pushes back a…
Times of India
India picks up non-sanctioned Russian oil as discounts widen
Indian state-run refiners IOC and BPCL have resumed limited purchases of discounted Russian crude for January delivery, securing cargoes at about $5 per barrel below Brent from non-sanctioned sellers. Indias total Russian oil intake is expected to stay modest—under 600,000 barrels a day—as refiners remain cautious amid tighter US sanctions and heightened bank scrutiny.
They did not purchase the oil directly from Russia, but through intermediaries not covered by sanctions and after obtaining a discount of $5 per barrel.
Indian state refiners bought Russian oil for supplies in January, taking advantage of discounts.
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