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India Quietly Restarts Discount Russian Oil Purchases at $5/Barrel Off
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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.
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The shipments were reportedly booked at roughly $5 per barrel below prevailing prices, compared with discounts of about $3 per barrel just a month earlier.
Bloomberg’s sources said that once discounts and transport costs are factored in, Russia is likely receiving around $40–$45 per barrel on these sales. Payments are being made in UAE dirhams and US dollars.
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The renewed purchases signal a cautious shift back toward Russian supplies for some Indian refiners, though overall spot buying remains limited as companies assess the shifting sanctions environment.
India’s crude intake from Russia is still expected to remain far below this year’s typical levels. Sources told Bloomberg that total imports are unlikely to exceed one-third of the pace seen through most of 2024—meaning no more than about 600,000 barrels per day.
The renewed flows come as Washington and New Delhi continue trade discussions, with Russian oil imports remaining a persistent friction point. The Trump administration has repeatedly criticized India’s purchases of Russian crude, underscoring the geopolitical pressure surrounding the world’s third-largest oil consumer.
Earlier, reports emerged that Russia’s Urals crude was being offered to Indian refiners at the steepest discount in at least two years, as US sanctions on Rosneft and Lukoil disrupt the trade that had become central to India’s post-2022 oil imports.
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