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Russian Oil Offered to India at Deep Discount After US Sanctions
Russia’s flagship Urals crude is being offered to India’s refiners at the cheapest price in at least two years after US sanctions on top producers Rosneft PJSC and Lukoil PJSC upended a lucrative trade.
The price of Urals for Indian refiners has slipped to a discount of as much as $7 a barrel to Dated Brent on a delivered basis, according to people familiar with the matter, who asked not to be identified discussing sensitive information. The offer is for cargoes loading in December and arriving in January, they added.