Indian Refiners Increase Buying of Russian Crude Amid Wider Urals Discounts

Indian refiners are poised to lift purchases of Russian crude in the coming months as discounts on Urals widen and supplies remain ample, according to a Bloomberg report on October 8.

Urals cargoes loading in November are being offered at $2–$2.50 per barrel below Dated Brent , roughly double the spread seen in July–August when Moscow prioritized domestic customers and tightened exports. 

Ship-tracking data indicate an uptick in arrivals this month. Imports of Russian crude to India could average about 1.7 million barrels per day in October—around 6% higher than in September and slightly below the year-earlier pace—Kpler data cited by Bloomberg show. 

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The prospect of higher intake comes despite tariff pressure from Washington. In August, the US raised duties on most imports from India to as much as 50%, measures the White House linked to New Delhi’s continued purchases of Russian oil.  Indian officials have continued talks with the US on a broader trade deal and last month described meetings as “constructive,” even as Washington pressed India to halt Russian oil buys. 

Market availability also remains supportive. A government source told Reuters that there is “enough” Russian crude in the market for Indian refiners, with flows buoyed by reduced Russian domestic processing. 

Earlier, it was reported that the United States increased tariffs on Indian goods while India maintained it would keep buying Russian oil, with imports around 1.61 million barrels per day accounting for roughly one-third of its supply.

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